Seven Stocks Sold Into New Highs

I'm usually not a fan of trying to pick market tops. I prefer to let the market top out at levels higher than I'd imagined and sell on the way down, hopefully still above those prices that are higher than I'd ever imagined. I still think U.S. stocks look like the bargain of the world right now, but I have been using this rally to trim positions that either don't fit or don't make sense in my value portfolio.

As we, at The Panelist, try to get our corporate house in order, I've been naughty and not blogging my positions each day. But following is a list that includes dates, sales prices and maybe even a line or two about my thought process.

KB Home (KBH): Sold July 6 at $38.65 - Seems like dead money for awhile (I sold twice as many $35 strike puts as a replacement).

Advanced Micro Devices (AMD): Sold at $14.22 on July 2. I own Intel as my "take advantage of cheap semiconductors play." Also, my position was very small and I had to either increase the position or liquidate it. I'm still short $10 strike puts on AMD though.

Yahoo! (YHOO): Sold at $26.79 and $27.47 on July 2nd and June 25. I just trimmed the Yahoo position. I have enough of this stock and am starting to feel that too many people are hoping and cheering for Yahoo. I never like to be in positions with hopers. I will retain some of my position but am looking for more way to realize tax losses to offset this year's gains. Others will likely follow me in taking tax losses in Yahoo at year end. HOPEFULLY, I'll buy the stock cheaper then.

Vonage (VG): Sold at $3.14 on June 28. I've been trading around Vonage and mostly losing. There are better places to speculate in small stocks. Is there a chance someone will come buy the stock at a higher price and I'll miss out? Yes. My specialty is finding value and contrarian situations. I'm also a specialist at trying not to lose my money. I'll wait until bankruptcy rumors or positive earnings growth before I bet on Vonage again.

Procter and Gamble (PG): Liquidated entire position at $61.50 on June 28. I love this company. I love consumer stocks. I love stocks with lots of earnings outside the U.S., however Procter & Gamble and I need a break. With a p/e of over 20, stock is overpriced for its growth right now. I'm sure we'll be getting back together again at some point.

Coca Cola Enterprises (CCE): I sold my entire position at $23.89 on June 26. This Coca-Cola bottler has used more capital and has a higher p/e ratio than Coca Cola (KO). The stock is boring and trades in long-term channel. CEE is another takeover rumor as Coca-Cola Inc stock rises. But Big Coke won't buy this Little Coke unless the purchase would be accretive. And for the purchase to be accretive, CCE has to trade at lower valuations. It does not, so I'll find a better place to put capital.tm

Telefonos de Mexico (TMX): Sold entire position at $38.12 on June 25. I bought this stock a couple years ago. I thought it was just "stupid cheap," but now Telmex (along with many Telecommunication stocks) is starting to look fairly valued. With the risk from the recent immigration bill and xenophobia in the U.S. potentially hurting the consumer in Mexico, I decided to look elsewhere for things "stupid cheap."

Disclosure: I still own YHOO but may sell more. I am short puts on KBH. I may add to this position. I own INTC. I own KO. I'm not including positions that are part of my Russell Rebalance Trade that occurred on the days around June 22nd.