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I have purchased August $67 puts on Super Micro Computer Inc. (SMCI, whose name sounds straight out of 1982). It has rallied about 200% over the past three months, largely out of joy that it isn’t going to get delisted (which was a real concern then). My view is that the gap at 65.86, as well as the descending triangle, make a formidable right triangle top, and that this obscene rise in price is close to an end. I might be a day or two early with this one, but that gap level is the key.
Twenty-four hours ago, I did a post called Sealing the Deal in which I pointed out the importance to the market as a whole for the NVDA gap to be sealed. Well, it did so (and, just to be a smart-ass, the market decided to get cute and very briefly pushed past the gap, even though this was utterly unnecessary and uncalled for).
May I suggest this homebuilder as a bearish position (BZH):
I guess the Country Squire of my youth is long forgotten.
