Well, I might try a play or two tomorrow, but I do not think we are "there" yet. The end game in bottoms like that are murderous. You definitely do not form a bottom without an extreme negative reading on the tic, and when the TRIN goes out above 3 from about 1.50 as the tic was recovering from -800. That to me means that there is more selling to come. Because we are only 200 Naz points from last week bottom, there is a good chance that will be breached, and that should bring waves of selling, hopefully cleaning up the deck. Right now, I am considering doing nothing big until Monday or Tuesday afternoon.
In the last half hour of trading, I got out of CYMI at $20.5 (loss $3/4), LTXX at $13-3/8 (loss just under $1.5), LRCX at $17 (loss $7/8) and XIRC at $13.25 (a minimal gain).
Veco actually behaved relatively well after the first sharp down opening, and SSTI, yes, I still may get some more around $17. Also still have some CCRD (which was bought for a DCB which never came) and some BVEW which actually acted well early in the day, but then succumbed to "pressure". QLTI acted quite well and I still hold the "two servings" of this one. Cash at 47%. Let them come and hit me, I want to see the white of the MM's eye this time around (g).
Strangely enough some of my LTBH stocks like MRK actually did fabulously today (I mentioned few days back that I felt MRK could soon go to new highs and thus stopped writing calls agains it, I got lucky).
Just be careful out there it is ugly and could become more ugly before the sun shines again.
Zeev |
