ST trading:
I've been at my computer all day, and still am. After mulling it over, I think I'm going to take off the limit sell order on my puts, and just let them ride, to see if NVLS will break below support at 48, and maybe head on down to 37.
It's feeling like the April/May rally is over. If the 4/18 gap-up above the 2000 line fails on the Nas, we'll see 1650 real fast. AMAT seems to have broken below the 50-58 range, and may now be returning to the 40-50 range. If that's true, then NVLS should follow, as they always move together.
I've added a lot of long positions in the last few days (NTAP at 13, EMC at 28, WCOM at 15, TXN at 30), and I'm still feeling the need to have some shorts to balance my longs, and I still feel the semiequips are the most overvalued of the sectors I follow. So, I think I'll wait a bit and see if support fails. If we bounce now, I'll just hold my puts and wait for the next dip. |
