SNDK is watched very frequently. I close the session flat but its virtually on every watch list since the 5th. Because of option expiration, and the upcoming split, I would play SNDK like an earnings play and at the next rally off support (assuming a morning pullback) Looking for some 50 puts for March (sold the 55 puts) and maybe if SNDK passes the important 53 area it might head to 57 so I would consider the 55 calls for March later this week and there is no rush. With reports coming up from NTES, AMAT and NTAP volatility is going to be high once again this week. These I'd consider after the NTES reports on Tuesday. I'm loaded up there in a multi-day strong put play (SOHU, NTES) hardly any calls, we might pick some up closer to the report as a hedge. I'd play SNDK intraday as a 2-trend play until possibly the earnings of AMAT come out.
I'm way more interesting in the licensing agreement betwen Samsung and SanDisk which will be renewed this month. This is extremely risky for the bulls. I'm still opting for more March puts but not in any hurry. SNDK might retrace as low as 43 to the next area of 32 but I'd take one retracement/moving average area at a time. Forget if if you think the chart alone will foretell where SNDK is going. There are a host of factors contributory to its further drop and potential recovery.
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