DIGL.. I saw in pre-market that DIGL was down more than some of the others. Its not only disconcerting because I had a new position in DIGL, but because I come to the conclusion that the tech sector is just selling off. Anything is fair game. CHKP, MANU, SDLI, FCEL, PLUG, JNPR.. select biotechs were consistently dropping and taking decent stocks along with them. It just reinforced my determination to forget about finding bottoms, they are all false bottoms. It came to the point today that I was so unconcerned about the short positions with much looser stops than usual, and save for BEAS they powered down through every reversal period from the first. When do you remember them powering up that long? We grabbed 2 congruent trades in CIEN on the 7th and 8th.. almost the exact time both days and identical lengths of time, which was about 20 minutes to 1/2 hour. The short side in SDLI JNPR even RIMM I just let them run. When did you last let your longs run?
We are still looking to pick up CSCO under 25 and GLW in the thirties and hopefully IBM will be back to 85 or so. CSCO was supposed to be a 'bargain' at 55 when it came down from 80. Now its still not cheap enough at 28 3/16, but it soon will be. Did you see ONIS give back everything today, or JNPR, our choice for a drop to 60 or so even after a 'good report'. So NTAP gave 8% today.. How long will that last compared to the downside we got in mid january to today? I just think we need to focus more on not timing this market but just make the best of the trend you are in and not mold to market to your own strategies, it won't work
I kept saying there was more downside but people were still timing, and although here and there I took some hits, I am wholly uninvested in the tech sector. Not a nickel, just a few swing trades on the earnings plays which are profitable and a few in other sectors like energy (4 positions just there), health care, financials, . We have at least now the earnings reports of CIEN, BEAS and AMAT pending and I'm certainly not going long overnight until that is over with. |
