As for the broader markets, the bears and shorts are all…
Been a long time since we had such a broadly flat open, and we’ve only one stock in the entire portfolio that’s moved more than 1% total today. And that stock is Ciena, down 3% this morning, and I’m still not looking to add to that one yet. A few more days of letting it settle and letting the momentum longs who were plowed into it but didn’t really believe in the company’s prospects sell. Then we’ll step in and buy a little more to build this very small position up bigger while it’s below $20.
As for the broader markets, the bears and shorts are all over how Texas Instruments guided estimates lower last night. Texan is one of the largest semiconductor companies on the planet and the company like all in the semi sector suffers from inventory build ups and drawdowns…and Nokia’s one of Texan’s big customers, and we know that Nokia’s getting kilt. The guide down from Texan isn’t a remarkable new bearish data point. It just means Nokia’s suppliers will feel some of the pain that Nokia’s feeling.
I’ve done a few trades this week and will probably do a little more buying today as I’ve said I would around DJIA 12k. But no rush and I’ll let you know if and when I do pull any triggers today, of course.
Back in a bit.
