Good morning, Slopers! Yesterday was terrific, and although we’re definitely seeing some “stocks are on sale!” strength pre-opening, there was some really magnificent technical damage done yesterday. The all-important midline for NVDA (shown below as a dashed line) was, at long last, broken. Better than that, prices just leaped right across the line, instantly changing it from support to resistance.
Individual stocks in semi-land were also clobbered, such as Micron (MU), against which I also own puts.
Which, of course, led to the SMH getting zapped hard. I took partial profits on my MU and SMH puts, but I’ve still got most of the positions for the longer haul.
I’d also like to point out that one of my eight bearish positions is, for whatever reason, looking especially good this morning: Brazil (EWZ). I’ve got a very large quantity of September $30 puts on this sucker, and things are looking sharp.
