Everyone thought the market was going lower; so it spiked higher. Frankly, I’m not a bit surprised and welcome a fucking huge rally, in order to redouble my shorts.
Thus far, I am looking to sell more [[LEH]] above $60.
The reversal in [[CSCO]] is very impressive, which tells me there is significant support in the low 20’s. However, the headwind of a weak CSCO will hurt many other companies who are dependent on them, such as [[NETL]] or [[BRCM]].
Being short the semiconductors, via [[SSG]], is not a bad idea.
On the long side, I like the reversal in [[RIMM]] and stubborn action of [[BWLD]]. Wouldn’t that be something if BWLD smoked numbers?
Finally, the banks have support at these levels. I would not add to [[SKF]] above $100. Let it come in.If you enjoy the content at iBankCoin, please follow us on Twitter