Being long - sort of? The index funds and QLD did turn a profit despite the last hour selloff today. I’m talking as if I sold out of my longs. I did. I’m in complete cash. I hold no positions in any of my accounts right now. 100% cash across all accounts.

MRVL - I got the upside pop I was expecting for a week now. The Aug 17.5 calls went out with a bang up 80%+ today. I managed to make 14% on the trade because I was underwater on the options for a few days and didn’t average down - as much as I wanted too. Next time. Remember when I asked for opinions whether or not MRVL was bullish or bearish based on its big down day 3 days ago? This new chart shows why I held the calls through that rough spot.

QQQQ Calls - Hey I sold out of the July 48 calls for breakeven this afternoon and it was a good thing. I saved myself a loss as the market went from being up big to being down big then near even. That would’ve been pain for the call options.

MOBE - I made a great sell on this today locking in 12% gain. Good for a 5 day trade. I got out at 3.93 near the highs of the day. MOBE closed at 3.77.

HIMX - This one didn’t go my way. I sort of panicked on the trade in a very unnecessary way too. First it was a small holding and it really wasn’t down that much. HIMX ended up closing flat to 5.77. Bad trade for many reasons.

FCEL - I closed it up eeking out a small profit. I don’t have a reason for getting out of this other than panic. Technically I should still be holding FCEL. No reason to get out today. BLDP has been performing quite well as of late. Same sector.

QLD - I dumped all my QLD positions. Gained small profits. In the neighborhood of 1%.

In the short term if we start to see comparisons of the “iPhone hype” being compared to the internet hype of 2000. Many people have already made comparisons to that time period based on how well the market has acted up into the May highs. If that starts to become the billing of the financial press, then wait for the selloff and buy with both hands. This is not the same as 2000. The iPhone is inspiring a huge technological shift. So if someone wants to make comparisons, then start comparing to when Windows 95 was new. A revolutionary change in computing followed. I think we have that change here now and we’re just seeing the tip of the iceberg.

Don’t get me wrong, I think we could see a selloff this year, and it could be a big one, but it won’t be because of tech hype. Probably financial related.

Thanks for reading

Want to know when I post again? Subscribe to the StockRake feed: .