Some of you like to know what I'm up to.
As of last week, I'm all in; I put the 10% that was still sitting sidelined into BAC and C, half and half. I made a resolution to myself - documented here - that these banks are long-term positions and that I will not sell them before 2013 based on negative price movement alone. Thus, no stop-limit.
My last investment, about 4 weeks before that, was MGM. I like the company, am a satisfied repeat customer of theirs, and am excited about its Macau / Cotai Strip operations and options. When LVS reported their staggering Macau numbers - 85% of LVS revenue comes from Macau now - MGM started moving up in tandem, and I have caught a nice little 40% pop. No intention or reason to sell this any time soon.
If you picked up some GHM on my advice in August, you are most of the way to a one-bagger. No intention or reason to sell this any time soon.
My best position is AAPL, which since I bought it at 193 has been The Stock That Could Only Go Up. No intention or reason to sell this any time soon. I do not know that I would accumulate more at this price point, but largely because its appreciation has skewed my asset allocation - I am an Apple portfolio with some other stuff in it at this point.
The last 6 months have absolutely been the best I have ever seen since I started actively managing my own accounts in 2005. However, I am not eager to sell, lock in gains, or play with house money. I am trying to remind myself what I keep reminding myself in downturns: don't fight the tape.
I have no particular conviction about the short or medium term movements of the market, interest rates, or the broad economy. Long-term, 2-5 years, I believe that the market will go up, interest rates will go up, the economy will recover to a sustainable 3% growth rate, taxes will go up, and that energy and commodity demand will continue to rise. I feel my portfolio is going to be nicely levered to those trends and so I am trying to resist any urge to do short-term monkeying with it.