Zeev's Turnips Patch-No Politics (ZEEV)

[Bill_ban]

TPX from 14 in two days of huge market downside hit a high of 14.65 today, not spectacular but that's the way I trade, searching for shorts in overblown sectors and longs in strong sectors after researching earnings and prior performance. Back in AMB which I was stopped out midway through a huge pullback on 6/29. Earnings should be good but I might not hold through as I've seen so many snafus of those that held through expected blowouts (i.e. IBM, SNDK, etc). I'm slowly inching back into the Reits which did better in May/June and more consistent as well. I do suggest that traders go flat and into cash through the long weekend and not get influenced by those that haven't a clue and don't do any research for the 'bigger picture'. Some puts I like are in the education, semiconductor, networking sector and longs once again in natural resource sector. Particularly I like DVN, and MRO. and a beginning position in NEM (July 40 or July 37.50 calls).

Steer clear of semiconductors through the weekend beyond a potential move much later in the day and if the semis move a bit higher by 2:30 (when shorts will cover and go into cash to enjoy their 2 day 'cash cache' might be a rally after the fourth) Traders should learn the European method of trading by buying with a target in mind (say 2 to 3 points) and selling portions after 1/2 the target is reached, 3/4 etc and raising the trailing stop so the last 1/4 will be stopped out profitably. You can control this unless you get a gap down but there was ample opportunity to take profits in the tech move up this week. Only YHOO was a gap down others were easily stopped out profitably.


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