University Avenue in Palo Alto sparkles at night with trees illuminated with carefully-placed lights by the thousands. The street has been around as long as the town, and in the year 2017, it is a veritable Rodeo Drive, lined with expensive retail stores, wealthy citizens, and dreams of avarice. You hardly ever see anyone wearing business clothes here – – anyone so doing would be rightly perceived as an out-of-town rube – – but it is on this street that companies such as Google and Paypal got their start and the recipients of technology riches shop, eat, and gather.
The British Pound has taken another beating overnight as results of the U.K. general election were released last night.
Theresa May’s Conservative government lost the majority held prior to the election, and the U.K. is now left with a hung parliament.
Long Marvell Technology Group (MRVL)
I mentioned a couple of times earlier this week that I had done something which I hadn’t done for years – – bought an options position. Specifically, I bought a big slug of $143 QQQ puts, expiring July 21st. Well, I just sold ’em, and it worked out nicely (I did this screen grab a little earlier; I actually got out at $3.00, higher than shown here).
I know most of you are fancy-pants options traders that do sophisticated positions, but I’m just a dumb old bear.
Oh, and one other tip – – now that I’m out, I can assure you that the NASDAQ is going to completely crash sometime between now and July 21st. God has a riotous sense of humor.
Back on May 31st, I pointed out the ascending trendline on the small caps (via IWM) and mentioned, “As you can see, the last time it tagged this lower channel trendline, it rallied mightily.” Well, regrettably, that is precisely what has happened. I’ve put an arrow on the day of the post:
So where to from here? Ya got me; lifetime highs aren’t my cup of tea.