Setups Working Like a Charm

Here we go again! If you had read my previous lists of setups, you would be swimming in weekend steak, cigar and scotch money right now.  $AIG is up 7-8%, $KLIC is up 4-5%, and many others are in the green like $NUS, $IPG, $AOL, and $VLTR.  All of this in the face of a sluggish, albeit slightly higher market.

And yet, despite my success I have no intention of becoming a complacent loser. I am peeling off my $AIG position 10% at at time, each time I see the stock tick above $40.50.  I will not be a candied pig with an apple sticking out of my mouth, being devoured by “burlap buttress” occupants.

Moreover, I sold out of my $PSYS position. Yes, the stock still has a high flag, but it is acting like dead money for now, as it is probably waiting for some type of private equity buyout or more developments from the new healthcare law. Either way, I’d rather have my money in more momentum based names.  I still like the play, and I could reenter at a later date.

Also, I bought a starter position in $CSIQ.  I like the chart, as I posted last night in setups, and think it is a good long swing setup.  However, as I have said before, I still have a higher than usual cash position on my books due to the fact that it will officially be earnings season after the closing bell today.

Finally, a very gentlemanly reader of my posts–Stevo–commented last night that he believes many more people read my posts than comment on them.  So, please, feel free to leave whatever opinions/comments/insults/funny jokes/horrific admissions you have in the comments section.