Had a long trip  home, but I got a great…

Had a long trip  home, but I got a great night’s sleep and have been cranking since early this morning.  A well-rested trader is one who thinks more lucidly.  Most of our positions are still less than half of what I want them to be, but I’m mostly continuing to work on the short side ideas like LPS, XLF, LYV and AONE after the broader markets rally here since the lows when we were aggressively trying to build up the longs.  Flip it, see? Buy the extreme weakness and sell the extreme rallies.  Using scales.

Let’s talk Riverbed again for a moment.  Last week I wrote:

Obviously the big mover in our portfolio today is Riverbed. Unfortunately, its a big mover in the wrong direction. Some analyst on the street thinks that Riverbed’s competitor FFIV will miss its quarter. I would agree that its a possibility, after all FFIV missed its quarter last time. Riverbed on the other hand delivered a stellar quarter. We’re still at a fraction of the size I eventually want to be at in Riverbed and I will be looking to buy more next week. But I’m not going to today – I will let it settle first.

The stock’s fallen another $2 since then to $32 a share now.  That is, it’s still not settled.  But I’m starting to like the set up, and will likely buy some common and/or some out of the money calls (if I can get the right price…we’ll see) in the next trading day or two.  Let you know when I pull the trigger.  More in a bit.