Markets dealt with overbought conditions in tech by slumping sharply ...when everybody was convinced that market is scary & weak.....it bounced off the support as quickly....
Technically.... markets look much healthier now than yesterday......
Sharp & swift correction removes "froth in a hurry"
I took advantage of weak open by buying :
Bought 80% of my AAPL back..cost $ 185.95....
Bought 50% of RIMM back...cost in Toronto $120.40....
Still removed 18% equity from the market.....
Why I put 20% equity back in the markets.....because the sentiments was very negative going into open...thanks to techs poor ER & ML ER......
In pre-market AAPL & RIMM were holding much better than the overall techs.....inspite of very negative tone & recommended selling of half position by Jimmy the Cramer......
I bought AAPL $1.16 lower & RIMM $2.27 lower than yesterday's sale price...not a bad deal...
VMW reported strong revenue growth.... higher than the most optimistic number and earning beat by 1 cent....this is very strong.....because VMW spend lot of money in R&D to bring out upgrades to virtualization software and new softwares for desktop......
VMW did not give guidance for Q4 .....or guidance for FY 2008...as CFO said that they are not ready with those numbers......They are growing too-fast to get a handle @ this stage..as guidance may be too-conservative..based on what they know.....all my opinion of course $$$
VMW should see upgrades and increase in target price ....AH UP $5.....
Fast Money & Mad Money both are falling in love with VMW......
FMCN filed 5 million additional ADS offering in its filing with SEC AH ....plus 8.7 million from existing stockholders so a dilution of only 5 million which is a small add-on of 4.3%.... current TOS is 115.70 million shares..AH stock down 52 cents only....Citibank,Credit Suisse & Merril Lynch are the joint bookrunners for the offering.....
My portfolio is :
CMED,FMCN,SINA,VMW,AAPL & RIMM...back to my dream team of stocks...albeit smaller position in AAPL & RIMM.......
AH MSFT & AM EMC.....are reporting....
BRCM,ALTR,RVBD,LDK,BIDU,.....got big drubbing in today's selloff.....
NYX,NMX,ICE,SOHU (new high),VLO,GRMN,ISRG..were green.....
Good luck for Thursday.
BLOG does not give buy or sell.
Saleem
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