| just sold my puts at 7, held one day and lost a full point. When I bought at the close yesterday, I was betting that we would only spend a day above 36, like we did last time, and then close below 36. Instead, we came down to 36, bounced, and are going into the close very strong, going to close well above 36. In addition, I'm hearing a lot of people saying: "MU says memory chip inventories are getting cleared, so maybe all chip inventories are getting cleared, so maybe supply/demand is coming back into balance, so maybe we've seen the bottom in all the chip markets, and it's safe now to buy semis and semi-equips, because the bottom is in." Lots of "maybes" there, but we may be at the start of a bear rally that takes the SOX to 750 (the January top), and so I closed out all of my tech shorts and puts at the close today. I intend on re-shorting when the rally looks to be fading, and/or when I get a clearer picture about what's going on. |
