As earnings season continues to wind down, the big event yesterday evening was Advanced Micro Devices, one of my larger short positions. This stock – – a well-established, multi-decade old company, remember – – had in the span of just three months more than doubled in price.
I’m pleased to report that, following the earnings report, the stock is taking a tumble. Nothing catastrophic, but I’ll cheerfully accept a 5% hack off AMD, particularly considering what an important sector semiconductors are.
A much larger position, my IWM short, was under threat overnight as the /RTY futures led the way higher. This lift has evaporated, and as of this composition it is actually down a little bit.
The red line shown above, representing resistance, is the base line for the /RTY top hammered out last month. The key support at this point is that Fibonacci level at $2150, which offered rock-solid help last Friday, during the market’s brief but tasty sell-off.
It’s rather quiet otherwise. I looked at all the pre-market activity for my 27 live positions, and AMD is the only one doing anything at all interesting. Let’s see what the rest of the day holds for us all.
