To be honest, I’m running out of adjectives to describe what a great run EMC Corp has had. Today, EMC closed at a new 52 week high of $22.57. This is significant in that next week is options expiration week. With $22.50 being a strike price, I would expect EMC to have some sort of support at this level until they report earnings in a couple of weeks. After earnings I would expect EMC to rocket past $23.
Current position in EMC: 17 Nov 22.5 Calls & 1 Happy Dance
what support is expected?
Comment by Gorilla Trade — Wednesday, October 10, 2007 @ 3:27 pm
Options expiration is next week. With a large call volume at the 22.50 strike, I would expect it to act as a support until after options expiration week is over. Right after, EMC reports earnings which I think they’ll beat by a nice margin resulting in a higher stock price. Should be fun!
Comment by Jorge — Wednesday, October 10, 2007 @ 3:52 pm