XLNX, IBM, MXIM (latest blimps) Technical Analysis has about as much chance as predicting the market's moves as Viagra has in restoring sexual function to the poor souls mummified in Pompeii.
Very typical 2 trend day so far after the 10:00 high once again proved a good area to reshort intraday while holding as many puts as you can.
Haminahamina (Ralph Cramden on Honeymooners) http://www.haminahamina.com/haminahamina.wav reminds me of how the technicians kept calling a bottom and what they are saying now!! Remember we said that we have to look at the big picture and that IS AND HAS BEEN DOWN FOR MONTHS NOW. Any upside is just a bear flag rally and shortable. I have no long plays and already new July puts scrambled into target. Today's morning rally was another short opportunity or for loading up on more put plays. As for EXPE that hit well above target on Friday at 71.50 when target was 75 so I think that's that for now.
Believe it or not I still think we have quite a bit of downside left in this market. Some regrets was in closing the rest of MRVL position on Friday and the QLGC 45's for June although I still have QLGC 40's for July and some brokerages, sundry tech puts which work for me overnight.
The only really exciting prospect now remains that probably in early 2003, the gains we made to the short side might be now equalled to the long side (50 to 100% gains). Once this market bites down to the utter "basement", we could get $60 stocks that are down to $2 and 5 to $15 or from $20 back to $40. You need to look at the BIGGER PICTURE now and DON'T REINVEST your gains yet, just the occasional bear flag in the next week(s) and wait for the bigger gains by first or Second quarter 2003. Those that look at the market in spans of "5 to 15 minutes" will have probably left the market disgruntled by then having waited for instant gratification that will never materialize
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