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Eyeing AMD

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

The day isn’t quite as big a kick as I thought it might be, but steady as she goes. On the whole, I am in wait-and-see mode. One in particular worth watching is Advanced Micro Devices. In particular, I’d like to see it get as close to that gap as possible.

It’s plain to see just how far AMD has the opportunity to fall.

Some quick data points on my own trading:

  • Trimmed from 31% cash to 25%
  • Added two new shorts: SLB and MIDD (both September puts);
  • Average expiration for all my options is 118 days;
  • 100% of them are in the money;
  • My personal portfolio remains entirely cash.

The bulls and bears are still fighting it out, and I’m not ready at all to be aggressive.

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