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Some Selling

I previously highlighted a good medium term buying opportunity in stocks. I have now sold most of the stocks I played that trade with.

My reason for doing this, is simply a question of style. There are no sell signals on the indicators I use, but several of them look overbought. When that happens, I usually take profits.

Arguably, a more disciplined trader would wait for a sell signal. I prefer to take profits and wait for the next opportunity when the odds are more in my favor. That often means that I give up some profit before an interim top is reached, and I expect to see the same happen this time.

One reason I adopt that approach is because I will still have my long term funds invested in stocks. I'm just limiting my short term exposure. To be clear, I'm not predicting the end of the bull market or fearful of a collapse. I'm not even calling a short term top. I'm just trading the way that suits me.

The other point I made in my earlier piece was that I expected a 2004 type market over the rest of the year i.e. limited net gains until November. Recent events have made me more bullish than that. But I still would expect to see some kind of pullback in Spring or Summer, which creates a better buying opportunity.