Hey, Thought I'd give you an update. Scalped a little over 1% of SMH volume today. Had a good time. I covered my short SMH at .75 and relonged there MOC. Don't have a lot b/c dont know how they'll spin this bombing. I also bought a pretty nice sized slug of MSO. My basis is 9.95. That thing was up all day and held up like a stone wall into the sell off. Good luck guys, Tomorrow will be a doozie.
LONG VAR. Without a doubt, one of the strongest stocks on the board. Take a look at the chart, and see why. SMH is right at the "measured-move" target ( 38.70 ) as mentioned on another thread. Support at 38.55 - 38.41 Even with today's very weak close, the SMH had a good run earlier in the day and was +1.00 at the highs. LONG SMH.
We were due for a nice bounce today but this "broken" rhythm of market action is a bit creepy. Though exogenous jitters are high, nothing really needs to occur except everyone selling only because everyone else is -- it comes from out of nowhere and just catches everyone off guard. If they can sell it this far without a decent bounce, why not another 5, 10 per cent (the charts sure don't show any nearby safety net). If the market is pricing in another terrorist act on US soil, then the "selling the rumor" part can go pretty far -- imagine what price it will take where it makes sense to "buy the news"
Waggie- VAR is one strong assed chart. 2 weeks ago I told myself that "long is wrong" i'm sticking with that until the market looses at least another 25%. I think that SMH is probably due for a bounce. We've dropped 60 handles in 4 days. That's the only reason that I bought a few SMH here. I'll probably buy a lot more in the morning. Call it a gut feel, but I think this is a gap and trap for the shorts and ORCL makes me even more confident that we gap down. Only thing I'm still long besides my 4 core positions is gold/silver and that MSO. Steelhead- Yeah, sure do. Betcha that it doubles from here. Surprised that the VIX is just over 20. If we had closed 30 mins later, it would have been at 22+. Bet it opens there. Mvic- Don't know much about this company. Under 13 and look out. I don't think I'm going to play it, but thanx. I just prefer the SMH because I'm not hostage to some hedge fund throwing out a 5m bid. If any of you are buying yet, I think we are way early. The fact that everyone is saying to buy the dip means it's too soon. I think that you should hedge some short exposure but not buy dips. Look to get shorter on bounces. I intend to.