IMTO, donning the bear suit was the prudent thing to do last week at 1793 (I think I did just that at just that time), in the period till Nov 7, where we may still have either a true double top, or a lower high (but I still think it should be higher than todays "block" at 1720) should be used to unload positions that are part of a trader's folio. Your core holding should be held, IMTO, until your stop loss is reached (like COO today). The fact that I got stopped out of COO today, is actually a "bad" sign, this stock, of all, should have deteriorated in the latter stage of a down turn, not at the beginning. Even if we reach the nirvana of 1793 again here in the next few days, the majority of the list have already made their recovery highs, IMTO. If you look at the Q, for instance, JNPR is already "cooked" and EMLX is not far behind. BRCM, BRCD and QLGC could still attempt making newer recovery highs, but that is about it. If I have the occasion of playing the lunch tactics tomorrow, JNPR will be absent from that exercise. I know, I suggested few weeks back that JNPR could reach just under $30, but the best it could do was $27.32 a far cry. That call was wrong.
BRCD and EMLX had targets of $28, and both got pretty close, and BRCM and QLGC exceeded their respective targets by wide margins, these are still the two strongest in the Q.
Zeev |
