One day wonder because of the CSCO report. XRAN XLNX TOL CSCO looking good but won't even consider holding overnight. This was so obvious that we called a cover in shorts except some 25% of the puts. Waiting for MXIM (don't have long) and CSCO (do have long) to get to nice highs this afternoon and might consider another "real short" in MXIM still have a nice amount of puts in MXIM which was one of the hottest plays for past 4 sessions and both the 45 (july) and 40 puts (August) have done remarkably. Shorters are antsy to lock in profits but on days like today I like to "go all out" and aggressively go long since there was a lot of money in the sidelines waiting for this rally.
I had no long positions going into this rally except some BAC calls, but I caught on quickly. I don't even short these rallies, but let them run. CSCO and MXIM reports will have tremendous effect on this market tonight and I'm hoping we close up between 350 and 450 so we can get another juicy short going.
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