CCMP actually the move down was really for today and it did move down, but I would have considered holding 25% or so overnight. Now NVLS is important really for earnings so I'm not sure when the REALITIES of the earnings report will begin to manifest itself on NVLS, maybe it won't. Notice that the earnings reports have not begun to trickle in as yet and so there is no real influence of earnings on techs YET. JDAS already began a flow of bad news and nothing prevented JDAS from moving down after earnings. EBAY and INTU already gave us downside in the midst of expected continued upside and so has EXPE and ROOM. I trade using more than sentiment, but sometimes sentiment can be the better indicator!
Are you bearish on them from more of a fundamental perspective at this point?...>>>
Yep, that's exactly right.
<<<Is it because of upcoming disappointing earnings announcements that you anticipate a move down from here? >>>
Probably but there is still time for upside possibly through the week, we have to wait. I was working on the IBM chart while you posted so I am selectively bearish but I've been premature before (on both INTU and EBAY) but this time we might have to wait closer to earnings and give some room (possibly until Friday's close) for further upside.
So in fact, I'm probably somewhat premature in NVLS and XLNX which is why I started with a small amount. If we move up, we move up. That's why I monitor the foreign (asian and european markets and get to see "squawk box" from CNBC Europe later tonight). Perhaps its just a matter of 'survival of the fittest' and selectivity since I'm not bearish on the market, or I wouldn't be holding long positions in DIA, OEX and some others, just more than a little skeptical on certain 'blimps'.
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