Acme Packet (APKT) was one of the positions we put on into the flush down a week ago Thursday; it took a while to get going but is adavancing nicely the past 3 sessions. With about a 10% gain in 6 sessions I am going to cut our largest long position back by 30% to lock in some profits.
Specific to Acme itself, the next sale will hopefully be closer to the 52 week high from mid June. If it clears that level it should be very positive but of course all stocks are hostage to the greater market nowadays.
My game plan remains the same here, continue to liquidate long exposure as the market goes higher, especially if/when the S&P 500 can run into the 50/200 day moving averages. So I'll shed things here and there if/as we keep advancing.
If we have a summer 2010 V shaped bounce and blast through those key resistance areas we'll have to readjust and then get back some new long exposure at the time, but until proven otherwise I'll assume a more normal behavior.
Long Acme Packet in fund; no personal position