I Sold Stuff Friday

I’ve got friends, of course, but my business has always been the same – a one-man affair.  That is why I have always played a lone hand.-Jesse Livermore

Why not? That’s what you’re supposed to do. Buy low and sell high right? I also believe in buying high and selling higher, but not after a 150 handle move in the S&P that happened over nine days. I do what the tape tells me, if I reenter new longs or press existing ones in the days ahead, so be it.

It was a magical week for the longs and the S&P managed a close above the 1220 level, that may be enough to give it legs on “this” move to 1230-1250, so maybe another seven to 20 handles higher. If I miss a bit of a continuation higher that’s fine with me. I am still long half my $AAPL and some other things, but I probably sold two thirds of my longs into the frenzy on Friday. I love to feed the ducks when they’re quacking anyway.

I always think in the back of my mind that we are always one European misstep away from a blow up. We are also getting overbought. I have great profits so why not take some. I am in business to monetize stocks,  not marry them, they are only letters to me.

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