Tuesday, July 21, 2009

Bookkeeping: Selling Most of Skyworks Solutions (SWKS) Ahead of Earnings

Remarkable - the NASDAQ is now positive for 10 days in a row... the hits keep on coming. We continue to see rare events, one after the other.

I'm cutting Skyworks Solutions (SWKS) on day 10 of this assault of the tech bears, as earnings are tomorrow. This is standard operation procedure since I don't mess around with earnings ... sometimes I cut almost everything, sometimes I just cut back in a material way but in this case we have a great profit, we have a 10 day NASDAQ run, and it's just all getting a little obnoxious. This stock was supposed to be a boring holding, that was somewhat cyclical but it has far surpassed my expectations. [May 12, 2009: Beginning Skyworks Solutions (SWKS)] As you can see every drop to the 50 day moving average (red line) has been a buying opportunity and this stock just chugs along in consistent fashion.

SWKS is down 2% today but I am going to lock in these gains at just under $11.30 and will review the results tomorrow night after the bell. I am taking this down from a 1.5%ish exposure to 0.1% and frankly I am beginning to run out of long exposure to "sell off" - things I want to buy are very overextended and we've locked in profits on 5-6 sizable positions of late. So if we rocket ship off the Apple / Wells Fargo express tomorrow AM we'll just have to jump on with something index related.

Now we'll be subject to 5 hours of Apple over-analysis while 25 other companies of import are ignored tonight.

Long Skyworks Solutions in fund; no personal position

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