INTC and TXN offer a whiff of a shadow of a hint of a hope of visibility.......so everything is going to gap up at the open tomorrow. This entire move in the SOX off recent lows, has consisted of gaps up at the open.
I sold some MSFT LEAPs today, that I had bought last year, when I thought we'd get a SoftLanding. Took my losses. I am using this rally to steadily get out of all my LT long tech positions, and/or hedge them with LEAP puts.
Bought some JNPR LEAP puts today at the close. You can lay a ruler along the tops on the daily chart, a steeply downsloping line. I don't think this decline is over, and I expect them to be retesting their lows, after this bear rally is over. JNPR is one of the last few techs, where investors still believe the company is immune to sector and macro trends. So far, every company who was thought to have that "immunity", hasn't. Given what LU and CSCO have said, I don't see how JNPR can maintain current valuation levels.
I'll probably sell my TXN calls, which I bought a few days ago, when the stock was at 30.5. I don't see TXN going much higher than 37 or 38, unless this rally really has legs, and I'm not going to bet on that.
If the SOX hits 650 (March highs), I'll shift a bit more, out of longs, and into shorts. If the SOX hits 700, I'll be maxed out on shorts. |
