AMAT holding up nicely.
It really hasn't even broken out of its rising channel, although it is now sitting at support, at about the level where it bounced in late Feb. mid-March, and April.
I've been expecting this kind of break in the Nasdaq, but I expected it last year, and beginning at much lower levels. Still holding QQQ puts. The ones I bought last Sept./Oct. are expired or still losers. The ones I bought this year are making me money. Overall, though, I'm a bit behind. And AMAT hadn't come down enough to make my decision to sell in January 2000 a good choice. Yet.
But, overall, I'm right where I want to be. The stocks I've bought this year (medical equipment, mobile home builders, WCOM at 42 recently) are holding up well, and I'm still mostly cash, waiting for capitulation in quality stocks.
Unless AMAT goes down a lot further, I doubt I'll be buying it. Around 50 is still my buy-price. Other quality techs look like they will be better values:
Microsoft: when was the last time it was out of favor, hitting 52-week lows, breaking support levels. When the momentum guessers finish selling that stock, I'll be loading up on 2003 LEAPs.
WCOM: now on sale, at a forward PE of 21.
Symantec?? EMC??? INTC???
I'm sifting through the trash Mr. Market is throwing out, looking for diamonds. |
