I may be wrong (as usual), but I think that today's action in the market was a reversal (short term). The market twice went to very negative tick and recovered, by the end of the day it was "boiling". In comparison, the SOXX did just so so. For that reason, I think this rally will not be particularly strong and todays low , IMHO, could be tested, and possibly breached in the next few weeks. I still expect CYMI to trade back up, possibly to the high 18', where, if my opinion is not changed due to better conditions, I may either sell the July 20 calls (covered) or get out completely.
Zeev |
