NTES/SNDK Worst thing you can do is call for increasing downside when a stock has hit a target area. We are not particularly bullish on SNDK, but are following our support areas and ready to hold for the LONG TERM DAYTRADE (scalping never works, we've seen folks get 1/10 of the day move in a 'scalp' which reeks of lack of confidence and panic trigger finger). NTES we were amply prepared for today's anticipatory upswing, in fact we expected some on Friday and our chart today had NTAP not as a short till it evaporates but a very distinct area we expected a "anticipatory upswing" as well. You can't have your trading cake and eat it too. You should NOT be averaging down but wait until bottoms and support is reached before entering positions. There was a support and bottom reached today in NTAP, SNDK, SOHU and even NTES. Whether this is a permanent bottom or yet another 'bear flag' shortable pullback, I don't really know and that's what keeps me from averaging down or any other antiquated strategies that went out with full-service brokers and net stocks priced in the triple digits.
Many traders were looking in March 2003 for the "bottom to drop out" because certain self-proclaimed support had supposedly hit and now we were in 'freefall'. That never transpired. There is no such thing as freefall in the market. These traders suddenly reversed their opinions around March/April and were suddenly 'long' when it was clear the market found a bottom.
Its best to get in a bit early then miss the entire rise. I'm not wholly long technology but do have a portfolio that will get me more tech exposure a few weeks before tech rallies (possibly in early March rather than wait for April) At this point I'm long banks, brokerages and building sector and of course earnings plays. I'm still only 10% in technology with a whopping 40% in healthcare, banks, brokerages and building sector but can change sector weight when I choose. There is no pure bullishness or bearishness that I hold, its all in the stock selection and that is where lies the downfall of many traders (the bull 'n bear tug o' war means nothing to me or our traders)
If we swing hold any techs, it would have to be the ones that had the good reports and have gapped up and hopefully snapped. JNPR I held a bit too long, but AKAM, INSP and even BVSN are still fine and will only sell at options expiration.
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