David, Appleton just spoke on CNBC, and I had my finger on
the trigger to cover my MU shorts, if I found his comments to
be positive. He waffled on questions regarding possible layoffs
and I took the overall comments as more negative than positive,
so I removed my finger from the trigger.
I expect to remain short all day, as my trading cycle is about
2 days on flipping positions. I won't expect a buy signal until
the end of the day, at the earliest, and more probably, tomorrow.
I don't see support until the 30.5 high on Tues, then 30.25 high
on Friday. If it gets as low as 28 5/8, where it had a double
bottom, and holds, I will load the boat on longs and/or calls
for a good 2 day ride.
Patrick |
