Ben,
FWIW, I'm long AMAT, KLAC, CMOS, and PRIA and short SPY. I also have some "value" stocks selling at or near book, i.e. HCIA, CY, MRRW,and CS, and am keeping most of my IOM. Starting to nibble at WDC. I HOPE the beaten down techs at least don't have any more downside, while I think the broader market does have a significant downside, hence my SPY short. It has been hard for me to pick good longs and even harder to pick individual shorts. SPY has really fit the bill for downside coverage over the last few months. It took me a while to realize the SPY shorts were actually working. Not the best hedge for a mostly tech portfolio (MDY might be better), but my portfolio has been flat since early October and that was my goal. In the last few weeks I have started to get some gains despite the SPY shorts so I'm pretty happy with SPY's as a short. |
