AMD/XILINX - WILL THE AQUISITION PUSH THE PRICE HIGHER?

AMD is slightly up today, POSSIBLY on the hopes that the XLNX acquisition will be passed at their meeting. I am still bullish on AMD with the first price target being at the 50% fib retracement level of $84, and the second being $89.

Options activity has been 3 to 1 calls to puts for this Friday with the average strike price being $82, which suggests we will not drop far in price unless market sentiment shifts. XLNX news will make or break this asset in the very near term, however I strongly expect a earnings run up if the price is effected negatively by today's news.

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