Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

MyHunch....

I don't think you missed much after the speech other than another chance to establish some shorts. The best trading today (for me, anyway) was before the speech, with several good opportunities to go each direction - it's nice to have a day that goes pretty much as expected.

I had a number of decent trades in the usual suspects KLAC, NVLS, CCMP, VSEA and CYMI, and ended up keeping short positions overnight in CYMI, KLAC, NVLS, and IDTI. Like this morning, I will be quick to cover if the PPT shows up in force early. Also added to core short positions in GM, KLIC, and TYC during the day.

The PPT will probably continue to attempt to hold the market up (they were hard at work all day today), but I doubt they will be successful for very long, with Friday's (pro-forma) employment numbers probably marking the end should it last that long. Folks are still ignoring the continuing deterioration in the fundamentals, and at some point they will wake up and take a closer look - it ain't pretty and it is getting worse, not better.

Good luck to all.

mlsoft