Being Long. My index funds got walloped today, like most people who were on the long side.

This didn’t suck at all: I did manage an intraday trade of RUT calls that turned a handsome near 9% profit in a matter of minutes. I liked that.

I made two trades today that will piggy back on a successful iPhone release.

MOBE - It makes the power adapters. Huge volume today. More than 10x average and the stock did not move much. The daily pattern on MOBE looks very bullish. If MOBE takes out 3.93 its off to the races. Whats the item that is most talked about in the news over the last few weeks? Poor battery life. MOBE solves that problem.

The other trade I made was buying the MRVL call options. I bought the August calls giving me some time if I feel like holding beyond the iPhone release I won’t waste away on time decay. MRVL designed the Wi-Fi chip for the iPhone. Source

If MRVL takes out 18.58 to the upside, then MRVL will have broken a downtrend that started this time last year and my opinion is that MRVL will be out of the Wall Street doghouse! The stock market has a funny way about things like this. BTW MRVL was added to the Russell 3000 tonight and the volume was also tremendous. More than 3x average: 46 million. The last time MRVL did that much volume and continued higher was back in 2005. Every other time has led to more downside in the stock price. I’m betting this time is different.

Thanks for reading

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