So they way I see it, over the past two and a half months, the market has completely turtle crawled up from basically 10,000 on the DJIA to 11,000. On a chart I'm also seeing it being near a resistance level.
I'm not expecting this turtle crawl rally to break out and all of a sudden the market is at 12,000. If anything, I think any volatility would be to the downside, just like what happened during the mid January to mid February sell off. Therefore I think the market could go back to 10,000, much easier than 12,000, in the short term.
So of course, upon this rally I'm locking in gains now, with the hopes of buying these stocks back at lower prices in the future.
Profits today were taken on many of my previous picks of:
JOSB (a huge winner since my writing!)
While most of those were investments that I'd like to get back into at some point, along with taking those profits, I've placed an order to short PALM again as a side-bet in the market. I haven't been filled yet, because apparently the stock is hard to borrow now. WSJ had an article today about how they've hired an investment banker, looking for a possible acquirer. The way I see it, like any company wants to throw away their money on PALM, which I don't believe has much of a future, and upon the speculation of a take-over the stock rallied pretty good for the past week up until today.