ST trading:
AMAT has closed below 50 (bottom of recent 50-58 range) for 3 days now. NVLS has not yet reached 48 (bottom of 48-56 range). I expect to hit 48 on NVLS, and sell my puts, soon. Sold my TXN puts and went long today, as the stock hit 30. It feels like the April rally is over, people are paying attention to bad news again, not much talk about the Fed fixing everything, even though they may cut by 1/2% again. The upcoming warning season, followed by earnings (sic) season, will be good for worshippers of the Dark Side. I expect a retest of the April lows, on the Nas and SOX. A lot of individual stocks are already there, and I am cautiously increasing long positions. Even beginning to buy a few LEAPs (calls, that is). Realistic prices on a variety of techs (not semiequips, though).
Lu is going to be a penny stock soon. Not much panic in the market, in spite of how many former tech leaders are 70-90% off their highs. Maybe people thought it was "play money" all along. Lots of the Gorillas are going to regret the last couple of stock splits, a single-digit stock is embarrasing. |
