SHORT INTC/ BUY 11/24/23 42.5 PUTS
Today we’re seeing a real Burn Notice to own Intel’s stock. The last 3 times this year that INTC has been this stretched above the moving average we’ve seen pullbacks of 11%, 4.89%, and 4.54% respectively. Another semiconductor stock (AMAT) has earnings tonight and I expect anything other than a massive earnings beat to usher in selling in Chip stocks. 2 Stars trade last hour. 3:00-4:00
