Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

NTES 59 let's say 55 in the morning! <g> and SINA dropping like rocks!! No hamina_hamina trade here, but official calls in the real-time trading rooms on logs. Even as we covered a short, we were searching for the best price on the 60 puts all the while holding longs on MXIM, QLGC, AMKR..SMH etc. I would say we definitely are CHAMELEON traders and not effected much by general direction. FOMC meetings always precipitate rallies and we rode one. BUILDING sector economic news and earnings for this sector almost always precipitate rallies as well.

If some of the plays we held incrementally (QLGC, AMKR pieces) will move down tomorrow, so be it. QLGC was called yesterday as well as today and had no real connection with the FOMC, which is probably why it rallied better today since the FOMC gave it a push.