I agree this is a good time to own semis, but I think short term AMD is looking overbought. AMD has gone nearly straight up for over a month. A lot of people were hanging on for the ride waiting for a pullback before selling, and I believe that pullback is now. I think this is going to propel the stock downwards a bit more over the next week or so. I won't take a guess as to how low, but I feel it will be significant enough to justify the trades I just made.
I could be wrong of course. If the stock shows some strength over the next few sessions, I'll change my mind because that will signal the overall momentum is still upwards. If this happens, I'll rewrite some puts and maybe just buy some straight shares (instead of buying the calls back). I'm not concerned about missing a whipsaw rebound or taking the minor loss that I did on the options.
I'm just trying to play the momentum a bit. I'm still very long on shares, which I'm holding for long term gains. I still think by January it will be well over $20, assuming this 90nm delay is just a restatement of what was previously said.
HailMary
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