On Oct 10 (the post to which this one is a response), I suggested that an unprecedented series of extremely bearish sentiment (and thus bullish divergence) has occurred in the semis and thus a solid bump up should be expected. I also suggested that CYMI (then around $17/18), KLAC (then around $25/$26) and CCMP (then around $32/$35) would be excellent vehicles to participate in the up move. And since in response to that post, I was asked to come back and opine on any other major move, now that these stocks have moved between 35% to 45%, I expect a retrenchment to start before the end of next week. I doubt the "coming" retrenchment will result in new lows (except for stocks like VECO and NEWP which could hit new lows), but it would be safe to either hedge the bets (selling in the money calls, the December variety) or take some stuff off the table. I will not address one idiotic response to that same October 10th post, I think that the Sox actions in the last 20 days is the best response to that (g). I'll try and come back once I see another major short term buying opportunity. As suggested in that same post, I am not sure this move is the real McCoy, and as suggested above, I still expect another move down for reentry, that one "might" be the "real McCoy", namely, a little more than a 20 days wonder.
Zeev |
