Zeev's Turnips Patch-No Politics (ZEEV)

[jdaasoc]

I wrote short calls against about 40% of short PUT positions I hold today. I don't like selling calls at what seems like the bargain basement prices but I got to take some of the time premiums offered before their gone. IMO the downside decline of 5-10% is more tangible then 15 minutes at end of day or premarket at COMP 1200.
I got call today from Intel rep thanking me for my business this month but he didn't forget to ask if I was buying more today. It looks like Intel may need a little creative accounting to reach that low end of revenue range.

More and more I hear the clamor from the street, who are loaded with cash, wanting to drive the price of stocks down. I don't see any economic or earnings news that will reverse the negative bias to sell until market can be scooped up in big reversal day from much lower levels then today.



QLGC CCMP IBM and a whole slew of others had no movement today. As things get progressively worse, even biotechs will start to lose short covering rallies.