The most difficult decisions

I hate having to react to the arbitrary decisions of other people.  Perhaps this is why I despise having a boss and why I’m drawn to the independence of trading.  Unfortunately, no matter how hard I try, I still have to deal with arbitrary decisions of other people and today that person has the title of “equity analyst”.

Today, Chris Blansett saw fit to downgrade the semicon equipment suppliers, including KLAC, and I was forced to make a difficult decision.  I never make my decisions based upon analyst upgrades or downgrades, but this one came at a time when the overall market was ripe for a pullback.  The reaction after today’s sell-off will be the tell for KLAC.  Will the downgrade be a bump in the road or a catalyst for lower prices?  We’ll see tomorrow.