Tuesday’s Market Commentary 3/10/2010
March 9, 2010, Posted by ttbm at 9:11 am
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what about bad fundamental stocks that missed their last quarter and have had significant rallies as short setups? Is there anything that makes you want to be short X, AIG, BAC, the TXN mid quarter call suggests that order lead times have been extended signalling either order cancellations or push outs from customers. I think that is an important for the technology food chain. The group has rallied pretty well, are there any liquid semi stocks that offer short entries with reasonable stops?
Hi Scott,
Good Afternoon, As a rule we tend to wait for stocks to tell us to “short them”. We have found in all our years, that shorting stocks into strength is a fools game. X is a good example of shorting a stock into strength and losing 7 points. With your question on the semis, we feel it is a shade early to be short this group, but if you have to be short, KLAC is the name —Target 21.50 with a stop at 31.90. When we feel it’s right to be short this group more heavily we won’t be shy and you’ll be the first to know.