Thursday, September 10, 2009

SMTC Possible Breakout

Semtech Corp. (SMTC) is a semiconductor company.

The stock is testing resistance at it July high of $19.00. SMTC hit a high of $19.16 this morning and is currently trading in a tight range within a nickel of $19.00. It is up about 30 cents on heavy volume. $20Dec call option volume has exceeded 1,900 versus open interest of only 77.

Update (September 11): SMTC is down 2.4% on above average volume. National Semiconductor (NSM) reported earnings last night that beat street estimates, but the stock sold off. Since the breakout failed and the sector is under pressure today, I sold SMTC for a loss.

SMTC Trading History:
September 10, bought for $19.03.
September 11, sold for $18.63 (-0.40, -2.1%)

Current position: None

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