By Friday morning we expect our "short the rally" tech list to grow. Also holding at least some put position are good alternatives especially on down days (high volume options that are deep-in-the-money are great day trades especially at spike highs) Terminal shorts we still like are SNDK, LEXR, BSTE, NVLS, KLAC, INTC, ELX, QLGC, CCMP (one of the best)JCOM (terminal chart pattern basically decided today). We are still waiting for XLNX, YHOO to break a certain support area and EBAY is hanging by a thread. Check all these plays in the Search: menu at the bottom under "public MSG" and put in any of those plays and check "the Earnings Play Trader Thread" note how consistently we were shorting rallies even on up days. Of course these were all successful straddle plays!
TIP: when a company has been moving up on "anticipation" (like AMZN, INTC, QLGC, CCMP even CSCO) prior to the report) you are going to get a reckoning the day after the report. Yes p/e levels and growth count! How low the stock pulls back the first day will give you an indication of how badly the stock is hit and how sickly it will bein the future. Sometimes when stocks are in huge uptrends p/e levels mean nothing but when you get hit with one earnings report after another and bubbles explode, folks are hesitant to buy dips any longer and increase their shorting of rallies.
MXIM about report and have even KLIC here as well (missed the downside today because of those other Asians and earnings plays) but KLIC is a great short the rally play but not "terminal" 13.25 is usually a good support level. They are so easy they are barely on our newsletters except a "reminder" at the bottom for next support level or an intraday email when it looks like a topple is about to occur.
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