I sold all 3 RF semi stocks on the open, TriQuint (TQNT) being the only major holding at 1% exposure. In this name we had secured some good gains in the past but on the last batch we went from a +11.5% gain to a -10% loss overnight. Net hit to portfolio about 0.2%.
We had already sold down the majority of our positions in the other two - we had a 0.25% exposure left in RF Micro Devices (RFMD); it is down 5% in sympathy this morning so we're out with little affect.
Skyworks Solutions (SWKS) was not even a 0.1% exposure .. it is down 3% in sympathy.
I think the selloffs are overdone but I don't argue with the market and with all 3 stocks below their respective 50 day moving averages, we'll have to revisit in the future once the charts firm up.
As for the market S&P 1075 was filled overnight but as we do almost every morning nowadays, any day we come in to a negative futures we get bid up in the hours before the open so we open green or close to it. We were in the mid 1070s all night but the persistent buyer who has been with us for over half a year just could not wait to buy his SPY and we conveniently open at S&P 1081. Let the illusion continue - I'm still looking for 1075 to fill once the not so invisible hand is pushed away. A break below the 1070 level on the S&P could potentially lead to more downside...we'll see how it goes.