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Web Extra: Burned by the SMH

Shoring the Semiconductor ETF may have looked like a smooth move at the time, but as it turns out, Brian Kelly fumbled this play.

Throughout the month of April Kelly often reiterated his thesis to short semis because of reports that suggested PC sales were weak.

On April 4th he said, ”For me, I'm going to stay short SMH.”.

However, last week’s blockbuster results from Intel contradicted otherwise bearish PC expectations. Intel said sales for its chips, which are used in PCs, were in fact quite brisk.

And the SMH shot sharply higher. Over the past 5 days, the ETF is about 7% higher. So what does Kelly have to say about shorting the space, now?


This content is only available online - you won't find these trades on TV.





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Trader disclosure: On April 26, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BX); Seymour owns (F); Seymour owns (GE); Seymour owns (INTC); Seymour owns (POT); Weiss owns (VZ); Weiss owns (QCOM); Weiss owns (NAV); Weiss owns (TCK); Weiss owns (UUP); Weiss owns (DVN); Weiss owns (COP); Weiss owns (BTU); Weiss owns (TBT); Weiss owns (NIHD); Weiss owns (MSFT); Weiss is short (X); Weiss is short (AKS); Terranova owns (JPM); Terranova owns (XOM); Terranova owns (OXY); Terranova owns (C); Terranova owns (VRTS); Terranova owns (BAX); Terranova owns (BX); Terranova owns (AKAM); Terranova owns (TCK); Terranova owns (HOC); Terranova owns (UPL)’ Terranova owns (V); Finerman and Finerman's firm own (AAPL); Finerman and Finerman's firm own (BP); Finerman owns (C); Finerman and Finerman's firm own (CMI); Finerman and Finerman's firm own (CVS); Finerman's firm owns (IBM); Finerman's firm owns (JPM) and (JPM) leaps; Finerman owns (JPM); Finerman and Finerman's firm own (MSFT); Finerman's firm owns (TGT); Finerman owns (UNG); Finerman owns (USO); Finerman's firm is short (IWM), (MDY), (SPY); Finerman's firm is long S&P 500 puts; Finerman's firm is long Russell 2000 puts

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & IRL PLC

Brian Kelly
Accounts Managed by Brian Kelly Capital own (GLD)
Accounts Managed by Brian Kelly Capital own (EBAY)
Accounts Managed by Brian Kelly Capital own (SLV)
Accounts Managed by Brian Kelly Capital own (RDC)
Accounts Managed by Brian Kelly Capital own (SU)
Accounts Managed by Brian Kelly Capital own (LNQ)
Accounts Managed by Brian Kelly Capital own (AGO)
Accounts Managed by Brian Kelly Capital own (NLY)
Accounts Managed by Brian Kelly Capital own euro futures
Accounts Managed by Brian Kelly Capital own gold futures
Accounts Managed by Brian Kelly Capital are short yen
Accounts Managed by Brian Kelly Capital own natural gas futures

For Rich Ilczyszyn
**No Disclosures

For Andy Busch
**No Disclosures

For Tony Wible SOT From 4/26/11 FMHR
Janney Montgomery Scott Is A Market Maker In (NFLX)
Janney Montgomery Scott May Seek Investment Banking Compensation From (NFLX) In Next 3 Months



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