Contrary to how it may look, I do not sit here and look at a computer all day. Therefore I am not always up on all the ins and outs of the daily moves (another reason I’m not a day trader). I need the weekend work to set me straight about what has gone on.
Anyway, I just got in to find some ugly candles on tech leadership. What’s more I see the Industrials and Small Caps are relatively strong. What to make of it? I dunno, we’ll see on Sunday. But today’s candles on a couple way over valued, way overbought items look ugly as of now and I don’t like it when the market’s leadership looks ugly.
Therefore in line with the goal of a relatively relaxed summer, cash is raised and several longs have been jettisoned, including big tech with INTC and CSCO joining their pal Mr. Softie, whose profit was taken yesterday. You have heard of fabless Semiconductor operations? Well, I am now a Semiconductorless investing operation as profits have been taken in SIMO and TSEM (INTC and CSCO were losses by the way).
We’ve been watching for a potential weakening into late June per the seasonal pattern. Maybe this is it? Or maybe they kick save it in-day. We’ll see, but for me it was time to go back to extreme cash mode for now.
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