Monday, February 22, 2010

Bookkeeping: Taking Some Profits

With the S&P 500 under 1109, which is the simple moving average discussed in the weekly summary, along with a market up for many days with very little volume, I am going to take some profits on positions.  Many of the individual stocks are up in a straight line and now running into old highs.  This actually is a nice place to short the S&P 500 (around 1109) with a stop loss over 1112 or so.

Both the smallish SPY March call position as well as TNA ETF have been sold completely.

Individual Stocks

Sold 60% of Atheros Communications (ATHR) as it reaches January highs...

Sold 50% of Skyworks Solutions (SWKS) which we bought on a breakout late last week in the $14.20s; had an upgrade this morning so we'll take advantage to lock in profits.

Sold 50% of Seagate Technologies (STX) - super strong chart but simply nowhere near any support

Sold 80% of Rackspace Holdings (RAX) - it has now rallied into heavy resistance; will monitor what it does for now but the prudent thing to do is sell and then re-assess.

Sold 30% of F5 Networks (FFIV) - straight up move, not near any support

Long all individual stocks mentioned in fund; no personal position

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