This is really a bounce play and see what happens. That is whether this has put in a double bottom today as it moved off the 30sh area today. The SOX bounced today at the .618 retracement level from the Sept/Oct low to the March high, which is a supporting factor. I see that there is sort of a divergence in the MACD and stochastics and while I don't put much stock (pardon the pun) in these indicators, there are plenty who do and I suspect have many begun to position themselves long in the stock. My initial thoughts were to place a stop at the low of the day - 30.70 - but thanks to the response to CSCO's earnings I can now raise the stop to breakeven or better. We'll see tomorrow what kind of the bounce is in the techs. I am still prepared to go short on the Semis once this bounce fails. KLAC, NVLS, AMAT BRCM, QLGC, BRKS, and NVDA, could all be good short candidates after a bounce and reversal.
Open positions long NVDA 500 35.59 +.41 SEBL 1000 22.49 +.66 LLL 200 129.06 -.31 Closed p&L 1125 open p&L 713 total closed P&L 2180
I post my daily stock picks at : http://www.pennysharesltd.com/ under the Penny Pick of the Day section.
Open Positions: NVDA 500 @35.59 -1.13 SEBL 1000 @22.49 + .52 LLL 200 @ 129.06 +2.91 Open P&L 487 Total closed P&L 2180
Closed 1000 SEBL long 22.70 (+.21) Short 1000 SEBL 21.96 Sold 500 NVDA 34.25 - 1.34 Sold 200 LLL 131 + 1.94 Should have shorted the semis.Shoulda would coulda, I didn't. Looking to short FRX.
Prior to last week shorted: FRX 76.20 covered 75.30. ENZN 30.40 covered 29.10 Initiated no new positions since. Open Positions SEBL short @21.96 Will focus on position single issue trades and swing and position market trades SPY, QQQ, SMH, the last most likely through options. Long candidate SAH. Ceasing daytrading to devote time to another business.