What happens to the Tech stocks? Firstly, indigenous margin calls take their bite. But more than that: American high performers are essential components of the very large Japanese mutual funds and Japan's Portfolio Managers are Selling!!!
Apparently, essential components of such funds are: IBM, AAPL, GOOG, QCOM, BRCM, AKAM, AMZN, BA, NVDA, OVTI, SNDK, SMH. Obviously, they are not very imaginative, those managers!
On the other hand, our local market elves, are doing their best to push the techs down. For example, an ingenuous piece of trash was just committed this morning on The Street.com: “Tech is a Wreck” by Jim Cramer.
However, the Japanese managers might let our Boyz lift the market and tech stocks during the next two trading days, into the OpEx, so that they can sell more techs for better prices next week. For those who still have them and love them, now is probably a good time to put some collars on those dogs, i.e. to sell covered calls and buy puts for the Apr OpEx.
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All this…IMHO.
