I've pulled my short of ARM (NASDAQ:ARMH) with decent profit, they are failing to break below support and there is significant options movement indicating a higher move.
Ultimately I think the market goes risk on, and thus the high valuation will not be punished and the recent pull back will be seen as a buying opportunity.
Long ARM. I have a 2 week PT of 570p - London listing (about 15% above current price). ARMH
Long Home retail at 80p now, looks like a trading buy. (about 25% trading upside to former support 100p). OTCQX:HMRLF (has a US listing as well, but I know the London shares in terms of trading; also is where the major moves take place as its a London stock)
Long All European banks are hitting trading lows, they all look ready for a trading bounce also. I am long term bullish on Italian banks, as Draghi mentioned today Italy has made remarkable progress and is on the right path.
Other interesting short term trading names include Long Apple which is at a lower end of a current range. Long Green Mountain Coffee been hammered on cut growth forecasts but now on extremely cheap valuation and still growing (is down 45% on the day after results last night) AAPL GMCR
Mako is pressing on support in its new trading range which is around $40, currently at $40.8. Has trading upside to its highs of $45. (about 10%). MAKO
Unfortunately the stock has been on a small run, but Disney's new film Avengers looks set to be huge, after its international sales are mind blowingly impressive. However, there still could be a 3-5% move off the back of strong box office numbers and risk on. DIS
Additional disclosure: I may open a long position in Home Retail in the next 72 hours.