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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • Tech/Telecom Portfolio Recap 12/22/2010 0 comments
    Dec 29, 2010 9:35 AM
     The Tech/Telecom book performed well today closing up 58 basis points outperforming the both the NASDAQ Composite which closed up 15 basis points and the SMHs (Semiconductor ETF) which closed the day down 43 basis points.

    The best performing today was VECO.  Yesterday VECO traded down to an important support level, the 200 SMA and $40 and held nicely.  News came out of China that they would be cutting MOCVD subsidies and possibly LED subsidies in July of 2011.  VECO got hammered last week when Citi came out with a note saying this may be the case.  Either way with the news out and VECO at such a solid support level I had to take a shot long.  VECO traded down to $40 right off the open and was looking ugly, but never broke $40 and was able to power higher for the rest of the day.   I added when VECO was holding $40 but not nearly enough and it cost me a couple hundred bucks.   I took the position down to flat and will be looking to buy the pullbacks.

    The rest of my winners were rather small as I traded the cloud names from both the long and short side.  RHT was trading down after reporting an inline quarter and it brought down VMW, FFIV, CRM, and CTXS with it.  I tried to buy CRM, but sold it for a small profit after Areade let me know I was being a moron trying to play a reversal on a name that had showed no strength.  He was right I was able to get short and make some money as it was the path of least resistance.  I was bought FFIV once I saw the rest of the cloud names start to hold,  FFIV was the strongest name and on an S3 buy signal so it was one of the safer bets.

    No loser on the day as a kept it pretty tight.  Left the book slightly long as the market seems strong and left CSCO and ONNN positions on with decent size, looking for a heartbeat out of CSCO tomorrow.



    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
    Themes: CRM, CSCO, ctxs, FFIV, NASDAQ, ONNN, smh, vmw
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