TCM Notes : 7/22/09

• New highs, eh? Okay, but don't say I didn't short you! Futures are pointing towards a lower open as I type this, but that doesn't say anything about the final outcome today. With the earnings beat rate being better than 71% at the moment it's foolish to really get heavily short anything here until the catalysts run out. I took at stab at TYP near the close yesterday. Nothing big. A small stub to see if the bottom was in. For a while with YHOO and AMD selling off I thought I might have been in today's upside mover. Then AAPL crushed their numbers, and I think it has a 13% weighting in my TYP 3x short. That's what stops are for! Updates to follow.
• OCN continues to make higher highs and higher lows. The 20 has offered stronger support the last few sessions. I like that because it shows that folks are willing to stay with the strength demonstrated in OCN's trend.
• Many banks report today, but Nasdaq strength could mitigate any losses seen in the financials. Of course I'm looking for a pullback in tech, but that's like pushing on a string at this point.