Glad we didn't take any panic ridden news to short any more on all this doom and gloom. Puts reached nice highs much of the sessions as semiconductors were downgraded again which is the only sector we still had puts in (except for EXPE). We are trading in a range and it doesn't look like anything more than a whisper of "rumor" will be needed for both upside or downside. Looks like a nice rally open in the morning and did manage to pick up some cheap techs in late session afer the holiday. We'll probably end up shorting the rally either late Tuesday or Wednesday because Iraq is about as trustworthy as a wolf in a den of hens but for now, there should be a good rally open. If anyone was seriously short tonight based on panic, they would lose quite a lot in the morning. It was enough to see how DKWD traded after the close to get a slap of reality. Trade the trend, and don't take anything in this market as a 'sign of improvement' just a possible profit, short or long.
Today's semiconductors provided a nice low and we were not into short positions through the weekend (as most bears already figured out, we need another rally to short as we were quite oversold already Friday and even more oversold today).
Positions picked up were ORCL, QCOM, KLAC, ALTR, SYMC COMS.. Like also EBAY, MCHP (moved up after hours too late to pick up) CYMI, AOL.
Tokyo's Nikkei up 3.08 pct on Iraq concession, yen
Monday September 16, 10:17 pm ET
TOKYO, Sept 17 (Reuters) - Japan's Nikkei average shot up 3.08 percent by midsession on Tuesday, led by Canon Inc (Tokyo:7751.T - News) and other exporters following news Iraq agreed without conditions to readmit U.N. weapons inspectors and a slide in the yen.
U.N. Secretary-General Kofi Annan announced the potential breakthrough on Monday evening in the United States, allaying fears of an imminent war. The White House reacted sceptically, saying Iraqi leader Saddam Hussein was not to be trusted.
"I'm a bit sceptical about the Iraqi move, but Nasdaq futures took off on the news and we followed suit," said Hiroshi Ariga, deputy general manager at Norinchukin Zenkyoren Asset Management, which oversees 313 billion yen of investment trusts.
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