ST trading: re: Tick... Tock... What to do...
For a ST trade, I'm just sitting and doing nothing today. A lot of stocks, and indexes, are sitting right on support, or just above it. Since last November, SOX had bounced at around 550 many times. The only exception was that April dip to 450. Since I think we're still in a bear market (all the CCs and quarterly reports I've reviewed have reinforced this belief), I think any bounce here will be temporary.
I think there is a good chance of getting AMAT at 40 next week. After that, I don't know. This could be the beginning of the plunge to reasonable valuation levels, that I've been waiting and waiting and waiting for. OTOH, we could do another trip to 50 (that's happened, what, about a dozen times this year so far?).
I'm going to take some more EMC LEAPs, on any further weakness; reload on TXN at 30 (for about the 7th time). Thinking about CSCO here, it seems to be making a bottoming formation, the bad news is out, IMO. My only Dark Side play I'm still holding is QCOM puts. |
