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Sold:

UWM and QLD for gains of more than 6%. There was a big discrepancy between the pricing of UWM and the RUT this morning. Sometimes that price difference normalizes in favor of the RUT and then the UWM would drop. I took the extra gain in the UWM. << semi dumb move. Right now UWM is up 8% and QLD is up 8% as well. BOTH outpacing their benchmarks, which to me shows short covering and buyers piling.

Trimmed my index longs at Rydex by 50% as a precaution and captured 5% in both the NDX and RUT positions. Market has moved higher since this morning’s sell, I’m missing out on another 2% extra.

CREE – Sold half my CREE taking in 4.4% on that half.

Bought:

GILD May 50 calls. I wanted into those Aug 42.5 calls, but decided to speculate. I can see GILD hitting 50 today with this tape. (WTW and CAT also doing well today, that I didn’t get into.)

Everything is moving higher today.

INTC – Still upping, in fact breaking out with the SMH today.

VLO – Looking good.

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