Jacob,
This is my day off, and I just woke up and the market is in spasm again, so let me give you a quick answer since I don't know why the mood changed overnight again.
I am net long on msft, and csco, but shorted those, too. Did the djx puts last night. I am long grn,brk psft, cd. I have small positions in several others.
Simply, don't make too much of this. I just think the equipment sector has little reason to bounce, and that the general market has more reason to go up than down. I feel like 8000-8100 is pushing the envelope with weaker e. I wanted to neutralize the next drop that I felt sure would occur.
Clinton isn't out of the woods. Everyone seems to have forgotten that there is more to come. Starr seems to want to pull a Willie and dribble out info. Japan is doing little to help themselves, and I am seriously disappointed in what the fed is doing. The current problems are many, and are feeding on themselves. All this crap will be in mid air and then congress will go on break. The big cap multi nationals have already preannounced some good news so they won't help much in Oct.
Finally, we never broke and held the 20% barrier despite this turn of events. I feel as if we either go to new lows or languish. Feeling strongly this way, I chose to take a stand rather than twiddle my thumbs.
I should have shorted amat at 36, I had the gumption to, but itv was painful to sell. I don't think a 2.4 billion rev year is factored in. Yet, if I get to 20, I may just take the money because it has been stubborn.
Whoever said we could both be right is on target. I just wanted to do a trade to protect me against a drop. I have to be right twice in this scenario and you have to be right once. The odds are with you.
gene |
