RunawayTrader

Whew! This has been one helluva month in the market. Made more money in a single week or two, I think, than I’ve made in any comparable period in more than 10 years of trading. But, I sold off much of my holdings fortuitously around noon Thursday.

Sure, I think the market is going higher. But I’m catching the vibes that the Street is about to teach us a few lessons about irrational exuberance.

One of the stocks I bailed out on was Citigroup (C). I also dumped Hartford (HIG), GE, Ford (F) and First Third (FITB). Which is not to say I won’t be back in these issues Friday or Monday. I keep DNDN and Dupont (DD), but I think they can weather any forthcoming meltdown.

Yes, I Feel a Weakness

My first hint of a weakness came from Wynn’s Casino, one of my favorites. It’s been on a tear for the past 30 days, picking up five points just this week. But then it leveled off and began to fall today. Ordinarily, this stock starts the day climbing slowly and ends the day near the high. But, sensing this stock was struggling just to add a 50-cent gain, I sold off around 11:30 Thursday when it peaked for what turned out to be the last time.

Same deal with some other stocks I’ve been watching. Just not enough juice to forge1upward—even though the Dow was at one time today up over 100 points.

Still, it’s been a Hot Month

And that’s another reason I sold off much of my portfolio today. My Ameritrade #2 account is up almost 25% since March 1. My larger, Ameritrade #2 account is up nearly 20%. That’s huge. And reminds me of that tiresome, but true bromide: Pigs get fat; hogs get slaughtered.

Since Friday is upon us, a notoriously crappy trading day, and potentially dire reports about unemployment and nations falling into bankruptcy threatening the rising curve, I took profits.

As I write, the indexes are marginally red. I think they’ll drop much more tomorrow. But that’s just one guy’s opinion.

Charlie the RT