We are now down in the $SMH 4 of the last 5 days. In the event we continue to spiral, the market will most certainly panic out of these names. We have rotation out of semis and into SAAS today, as investors attempt a gambit at being cute. But nothing is cute when the sky is falling and the landscaped blacked by the fires.
Into the close, 25% cash, 6% short via $SOXS and the rest long +15bps total. My goal is to narrow my daily ranges, so that will entail constricting the flow of blood in either direction by reducing exposure and applying hedges.
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