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
