Lovely day to be short. ELX 4 times average volume for today's 6.50% pullback. Seriously running for the exits! All the earnings plays gave us "anticipatory downswing" except NOVL that means EASI, SMTC, MRVL ADSK SMTC and SNPS.. and non-earnings plays like YHOO and CCMP. Other plays like EBAY were grabbed and YHOO of course is now our "AMZN wannbe play" Nice pullbacks might be gains at the support levels which HAVE NOT BEEN REACHED yet in these earnings plays. We are getting bearish on the retail sector after disappointing earnings and pullback which just give us more shorting possibilities for the nasdaq. So hopefully no one is ill-advised to buy dips when the market is clearly pulling back to lower and lower support levels. We don't carry large shorts into the close (barely 25%) but we short spike highs which is easier as you can pick up bigger positions for THE LONG TERM DAYTRADE and shorts throughout the most of the day.. Even 2:00 or 2:30 did not have shorts covering only by 2:45 was there some buying in the dow, (flight to quality, safety which is what I said last week)
SMTC.. willing to it a chance for some move up (2-trend day is only a 1-trend day DOWN!) before a pullback and short, however SMTC never showing even the smallest chance of upside banging down from the 23.50 right through the support of 25 and now we ar elooking for a meeting of tails at 23.20 will possible pullback to 22.50 or lower. What sense would it have been going long SMTC, EASI or MRVL when the downside is so strong
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