Friday, August 01, 2008

(SMH) or picking up the laggards in semis

My moderately bullish stance on NASDAQ 100 is being known for few days now.
I do trade around (QQQQ) moves with long calls/long puts, but it does not change my "slightly" bullish bias.
("extra" emails from yesterday's close indicated me opening PUTS positions on (XLF)/(QQQQ) and this morning's email indicated closing of puts XLF/QQQQ positions at about 10AM and opening long calls positions in QQQQ/SMH )

(SMH) has not gathered enough attention from bulls, not after "stellar" underperformance recently, but I think it is about to change, in spite of all fundamental and historical reasons not to perform well in the regularly not so good for technology August.

I love history, it is repeatable, but none has an answer WHEN it will repeat itself.
I'm placing my bets on the "long" side for technology, semis in particular ( short term least to say - from few weeks to few months, until all that meaningless and non-beneficial for once great country election noise starts. I don't care who is going to win, but I recently sent proposal to Senate to ad "VOTE AGAINST EVERYBODY" button on the ballots, still waiting for an answer )