Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

I am still in QCOM, my last entry was a little high at $27.70, since I thought that the visit to last week lows will be stopped at the 1375/80 line, That was an incorrect "reading" on the turnips part, but, the problem is that the turnips refuse to give a "to the hills" call here either. Many of my indicators are actually showing accumulation on this leg (even better than on the last leg last week). So, when in doubt, I just reduce exposure through the mechanism of stop loss and selective removal of OB's. For instance today, my OB on BA hit and I bought it, but the OB's on BGEN was disregarded. If we continue down tomorrow, I will probably increase cash due to stop losses, but if I "smell a turn" (like around 1336 or 1326, the original projected low of the Nassacre?) I can rapidly redeploy some to 80%/90% exposure by redeploying the Q and and some semi equip (VECO is starting to look quite interesting here near $20). I suggest all use stops, and do not redeploy the cash at once (well, if you see ZRAN between $14 and $15, that is another story (g).) This way, you better positions will be kept alive for any sudden turn, and the weaker one you'll be able to replace with stronger positions or even the same one at discounts. In general, I would still avoid the biotech sector, it could bounce hard, but the downside target after the expected puny rally, are not going to be pleasant, IMTO.

Zeev

Zeev