Wednesday, November 28, 2007

Bank it Up!

Woot woot!

I'm taking most of the easy money off the table today, as the market is moving in that lovely too-far/too-fast fashion.

I've banked profits on ISRG(!), MICC(!) and 50% of my GILD positions. I've since been trading in and out long in the financials and homebuilders today, for only today; but I can't give all the details there (you would think I am some kind of maniac!). Let's just say those groups are up the highest today and the daytrading there (today only) is something like a day in the life of the internet stocks in 1999 (God I miss that year).

I did add FSLR long at ave. 114.24 early on today, but I never bot back into any GOOG or AAPL...and they are not exactly screaming at the moment; we'll look there later.

Daytrades within the financials and hommies aside, I am left long GILD, ONXX and the FLSR.

The good news about this rally is the surge higher in accounts here. The bad news is I never like to hold a negative market when it exhibits something of a buy-panic. I would expect we will close at the highs of the day (most indices at least), but the next day then is more cloudy.

I will be quite light then by the close and will look to buy again later; hopefully higher, which would mean an actual uptrend.

Take what the market gives you and leave well-enough alone. It's a great trading environment right now.

The Fed Beige Book is due out at the top of the hour. I am looking to re-enter daytrades following that report, but again I can't really detail it.

yada yada - cya

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