KLIC, KLAC, NSM (short/puts) A packload of shorts that once again failed to thrive past the first 1 or 2 bars and dropped like a rock as we cautioned in today's newsletter. IBM and SNPS our "long/call" options tried so hard and lasted longer than the others but are also dropping below the rising 20 ma. Once again we have a short the rally day. Its SNPS and IBM that have some of the best chances to buck the trend after the FOMC meeting (say perhaps by 2:30 to 3:00 to recover so I'd keep no short in those) The joke is even TXN itself was not strong enough to hold itself up.
This is great for earnings plays since we were waiting for this pullback which we'll short and then possibly buy closer to the report (but not too close and not hold through) BUY THE ANTICIPATION sell the NEWS (or report)
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