RIMM rallies shortable much like yesterday and this after we actually MISSED yesterday's pullback (much like the NVEC rally where we missed Friday's vamp up but rode on Monday's momentum continuation and same thing in reverse is happening with RIMM. NVEC was called a 2 trend day yesterday and volume picked up considerably at the pullback (more volume at the 10:30 pullback than even the big 6 point move) suggesting to us that folks were unloading their NVEC very quickly. NVEC is still in short mode with RIMM. Our semis are all still short with various levels of holds (some are 33%, 25, and 50% holds after locking in any attempts to rally, are shorted down immediately but that might change by 2:00 so we are watching carefully and have stops suggested although not that tight on the short side)
What is the best we can expect? A short cover from us folks and fellow shorters by 2:00 to 2:30 and a possible small buy program or rally from 2:00 or 2:30 through 10:00 tomorrow which will be shortable again, that's the best scenario, the worst.....is we go like yesterday and nasdaq moves even lower and drops from 1900. Even if it rallies then the MU and RHAT reports today might put a damper on the semis and software companies and if you think MU can save the semis then remember how well SLAB, INTC, and AMAT saved the "semis" when they reported!
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