Profit Taking

Mkt is up with Cisco's earnings providing lift to many tech stocks. Part of the reason for this is that the mkt is not long tech(with the exception of GOOG), especially big tech, which includes the likes of AMZN, EBAY, INTC and YHOO . Even with some pretty good numbers being thrown up by these companies in the last couple weeks, the mkt has collectively taken a big yawn to the numbers. That has changed though in the last 24 hours. Today, AMZN is up over a buck after being up a buck yesterday. EBAY is up again and CSCO is up over a dollar. I sold all of my Jan 09 leaps I bought a week ago on CSCO, I sold my AMZN that I bought a few days ago. I still own YHOO and INTC leaps, as well as MRVL which I am watching today and considering taking profit in.

Why take profit? These are sharp moves in a short period of time, which my style is to take fast, quick profits when I get them and look for a reentry point when the commotion has dissipated. My plan was to hang on to these for a good long time, but the move was too fast and too abrupt, which tells me to take profit. Could I be wrong.......sure, and I may be buying back at higher prices, but for now they are gone.

Sold half the ADBE I bought yesterday simply because it hasnt done what I thought it would and sold all of my PTRY at the close yesterday.