SHORT COVERING ON $VECO (VEECO INSTRUMENTS)
Up move in $VECO yesterday was triggered by $UBS recommendation on $CREE (Cree). CREE is the preeminent LED manufacturer and one of the business lines of $VECO is to supply equipment to LED manufacturers.
Our proprietary indicators show that big move in $VECO is short covering. We will scale in another 5% of the full position right here at $47.80 to add to our existing 5% position. We will scale in more shorts if the stock goes higher.
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April 6, 2010