Bookkeeping: Covering Most of Riverbed Technology (RVBD) Ahead of Cisco (CSCO) Earnings

Since the computers will move the entire networking/technology space together, if we are going to act surprised by John Chambers good words after hours I want to protect my gains in the Riverbed Technology (RVBD) short here - we have a 5% gain but this is a quite large position (4%ish allocation) for us so its quite a few bucks. It also has been down almost every day the past week while people run into banks and early cycle stocks.

We're going to cover 95% of the position here around $20 and then re-enter on a spike nearer to $21 or on a break below $19 - I could care less which. Intraday support the past week has been $19.30 so we want to see it break below that to employ the latter strategy. On the other hand by reshorting nearer to $21 we can start anew with a nice position with a very close exit point (stop loss) if the market begins the run to S&P 1050.

I still really like this set up for an eventual fill of that gap to below $16. But we are getting zero help from the overall market. We are the trout - the market is a rushing river against us that only wants to go up.

Short Riverbed Technology in fund; no personal position