ADDED TO POWERSHARES QQQ (QQQ)
August 18, 2011
We added a 10% tranche to PowerShares QQQ (QQQ) at $50.55.
Proven Track Record of Most Accurate Analysis
Proven Track Record
of Most Accurate Analysis
We added a 10% tranche to PowerShares QQQ (QQQ) at $50.55.
NetApp, Inc. (NTAP) disappointed last night with worse than expected outlook and lower revenues. NetApp pointed to softness in the govenment sector and financial sector. In the premarket NetAPP is trading down $6.56. NetApp is in the computer storage business. Competitor EMC Corporation (EMC) is trading down in sympathy. On any further dip, both NetApp and EMC Corportion will provide a buying opportunity. We will provide exact levels in the Real Time Feed of the ZYX Buy Change Alert as appropriate.
We are long QQQ (QQQ). Some accounts we advise are also long SPY and DIA. As long time readers know, I follow the ZYX Change Method. The method combines fundamental, quantitative, and technical analysis. From a fundamental and quantitative point of view, the stock market is not expensive and should move up. However, the sentiment component of the technical screen of the ZYX Change Method is flashing caution. For us, sentiment is an important indicator. We use a proprietary sentiment indicator that is a composite of the following: Emails from our subscribers and clients AAII Survey Option skews Put
Bought to cover Interdigital (IDCC ) at $59.56. Now we have exited tis position.
Exited a 10% tranche on QQQ (QQQ) at $54.07. For details, please see the Real Time Feed of the ZYX Buy Change Alert.
Added a 5% tranche to InterDigital (IDCC) at $61.58. Stop on this tranche is $62.26.
ZAGG (ZAGG) is trading up on earnings. We do not believe that ZAGG’s earnings are sustainable and will continue to maintain a small short position. Anyone holding a short position in ZAGG may trim right here as there is a risk of a short squeeze. Please hold positions only in such size that you are comfortable to hold during a potential short squeeze. Those not in the ZAGG may wait for higher prices before entering. We partially exited ZAGG at $15.65. If ZAGG falls below $14.88, consider short selling enough quantity to reach 100%