Mohan, I see the btb as very strong unlike the other btb. What is encouraging is the 9% order growth. I think the market has reflected it with this semi run. I am not sure if market will try to over extend it tomorrow. It is now very difficult to bet against individual stocks. Stocks like INTC, CSCO, COMS, MU, CSCC, DELL, ASND ...
will go only if the market panicks and goes down. I dont think the earnings will bring them down, as there is less possibility of downside surprise for many companies. IMO, buying puts will be very profitable if 1 can figure when this market will sell of to more reasonable levels. The question is when. I am acting on the assumption that market will sell off on the news (earnings), but
I may be wrong. Trying to identify individual stocks that are overvalued and buying
puts may not lead to a profit in this environment. I have myself made a very foolish decision not to get out of DELL and HWP puts with handsome profits, but just to watch my profits being wiped out.
What is needed is, a sell off ACCROSS the BOARD for put buyers.
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