- Sold Gmarket (GMKT) down to a 1.0% position (sold some yesterday as well). Notes #3 and #4 from analysts this past week are spooking me a bit, and with the huge run in the name, I want to protect some profits. While I like Gmarket, it's no Baidu.com (BIDU). This is basically reversing my buy in the name last Friday on weakness where I bought in the mid $24s, so as a trade it worked out pretty well as the stock jumped to low $26s today in 2 sessions. In retrospect the stock was down due to those notes (which I was unaware of when I bought some shares last Friday), and has since rebounded. But with earnings approaching Monday, I don't want to be overly exposed to a name that 'could disappoint'.
- As much as I love Apple (AAPL) and think they will have a blow out quarter I am going to pull the reigns in a bit and cut back the stock as its gone from mid $150s to low $170s in sympathy with the huge move with Research in Motion (RIMM). This stock just goes up daily as mutual fund managers must be piling in, in their search for any big cap growth. I can see Apple hitting $200 this year, heck after this next blowout quarter it could reach that level; but I've had a nice ride so I am going to also reduce this down to a 1.0% position.
- I bought most of my Crocs (CROX) in the mid to upper $50s after it was discovered that escalators apparently kill kids who wear the shoes. Not so much! Stock is up to upper $60s 3 weeks later, and I have a sizeable gain. I am reducing Crocs to a 0.90% position.
- Continuing to cut back Ciena (CIEN) as I did yesterday, not because I don't like the name, but short on cash and other stocks look to have more potential for a near term run. These are small snips, not wholesale cuts in the name - Ciena is now down to 4.0% of the fund.
Again these moves are consistent with the strategy of layering in and out of positions, and hopefully keeping the velocity of money going from those who have had large moves or are resting, into the next ones with potential to move. I'd be happy to buy any of these names back lower.
I would also also prefer to keep my cash position around 5% at the minimum but with the 'gift' prices offered in the solar sector of late I had to plow that cash into the sector to take advantage of mass hysteria. One day, maybe in 2011 or so, the market will go down again, and I'd like to have 'some' cash for when it happens.
Long all names but Research in Motion in fund; no personal positions
