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jenna

02/19/04 1:52 PM

#21356 RE: jenna #21354

2:00 naz selloff continues, negative territory. We didn't get excited after the DELL report (we figured it would sell off) nor were we excited with AMAT (holding a straddle that was cheap, we didn't even put AMAT in our scrolling banner above!) as this one sold off (with rest of big cap techs) as well as expected. Semis and techs good trading stocks, strong case for 2 trend days, but as for buying and holding here, NOPE.

Dow is flight to quality, and growth (too soon to buy technology as the upside is already priced in) and that's where we have our longs. Naz is fine for intraday LONG TERM DAYTRADES, STRADDLE plays through earnings, shorting the spike high and buying off support (5-minute chart). I did NOT do much buying today at all on NAZ (FLSH and WFII triggered well) because it was just too profitable shorting rallies.