While today's action has made me take a step back and slow down on my "short tech and semi's thesis", I still think it's valid. While there were gains today, the volume just wasn't there for a lot of the stocks that I follow. For example, let's take a look at semi stock BRCM (Broadcom Corp). While the stock did make a nice gain today, it was on weak volume and the move did not pierce any resistance points. Right now, it looks to be setting up as textbook short off a reaction to a downtrend. If the stock does not break the 200 day MA tomorrow, I will likely short the stock.
So far, so good this week. Let's not overreact to one trading day. Nothing has changed to disqualify my view, and I am still very bullish energy, gold and metals, and bearish tech and semis.
I've made a number of trades over the few days and will detail them tomorrow, including STLD (profit), AKAM (loss), GROW (profit), GG (holding), BOOM (profit), LEH (loss), and TIE (profit).