Gemini, Currently I have only been trading the markets. 80% short and 20% long. Did I play this bounce yes, but what I find very interesting is that most stocks that use to bounce nicely are just having fractional bounces.
I like to play BTK mostly long, and I did load the boat carefully about 4 days ago. I took the strength yesterday to unlaod 70% of those trades. I also played some chip stocks AMAT and XLNX, and MCHP but was not very impressed with thier bounce and unloaded also 75% of those trades.
The BTK looks like its in rough shape even with a new FDA chief. I think it could easily see 200 or less on next dump. The trend line for the BTK has to hit 1997-98 area before it capitulates, also 85% of BTK's are making new lows in the last 2 weeks. The strongest AMGN, IDPH, GILD, and some that are semistrong ENZN, DNA, CHIR, and GENZ
The last group are mostly short any rally. PDLI, HGSI, CRA, MLNM, ABGX, IMCL, ALKS, cRXA, MYGN, VRTX
Perhaps the best area going forward to short are the OSX. Oil service stocks goy down to single digits in 98, they have a long ways to go and through in housing to that equation.
Would love to find long term holds here but just not ready. |
