Despite the last couple days’ declines in the broader markets, those levels remain in tact…
Good morning and welcome back to weight room. The markets are down 1%, back to about the 11,000 level on the DJIA. Recall that I’ve been saying this week that I think we might finally be bottoming somewhere here between DJIA 10800 and 11000. Despite — or indeed partly because of — the last couple days’ declines in the broader markets, those levels remain in tact.
Likewise, as I’ve already done some buying when the markets were closer to 10800 than 11000, I’ve not pulled any triggers yet today. Cypress is down 4% again today and it’s been steadily fading like this throughout the week, even on decent up days. The stock’s likely down today because OVTI, which makes camera components for smartphones like Cypress makes touchscreen controllers and other stuff for smartphones, said the macro environment killed their guidance. I’d like to do a new tranche in Cypress in some common stock and plan on doing so after it stabilizes a little bit. Near $15, Cypress is looking very inexpensive.
Stay focused, stay alert and stay flexible.
Back in a bit.
