I still feel like we are going to test new lows at some point. But ... when I look at long-term charts I am starting to see some value in a few names. One of the names I really like is Intel (INTC) .
We are seeing huge call buyers in June in INTC at the $35 and $40 strikes over the last few weeks. I think the stock, once the market does recover later this year or early next, will easily make a run at $35.
The March 17, $30 calls only cost about $1.85, I think they will eventually be 5 dollars. I am a buyer.
Trade: Buy to open one INTC March 17, $30 call for $1.85.
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The price action this week does not change our thesis that inflation remains the key macro driver for markets.
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