Hittite Microwave (HITT) Trade Update

Short the market, Buy Hittite Microwave (HITT), and Short the airlines (LFL)

I got into the QID pretty heavy at the open today (Remember a long QID is short the Nasdaq 100). The Nasdaq went down nicely after that, recovering later on in the day. I'm looking for the Nas to get down to 2200. I hope my stomach can get through tomorrow because it should get interesting.

On the long end, I finally spotted an entry point in Hittite Microwave (HITT). It tested the lows on lighter volume and should head higher soon.

I'm tempted to short some of the airlines. They are extended and fuel costs are going through the roof. Lan Chile (LFL) would have been a perfect short during the second peak of the double-top but I missed it. I will look to short this guy when it sinks below the 50 day moving average.

This chart looks a lot like the CorVel Corp (CRVL) chart of a few weeks back.

Hittite Microwave (HITT)

Here is a chart that has recently caught my attention again. Hittite Microwave (HITT) has had solid earnings growth. Hitt was a real high flier when it reported slightly lower revenue in October 2006 and subsequently received a 10%+ haircut (first gap). It traded lower and has recently shot back to $44 on a great earnings report (second gap). Look for the stock to trade back down to around $38 (on lighter volume of course).

I'll be a buyer at that price.