I've added some long exposure here in the past 48 hours, so to balance that I am going to cull some other names.
BorgWarner (BWA) has had a big run, relative to the type of stock it is (staid). I am going to sell the majority of what I have left (keeping a holding position of 0.1%) and try to buy back lower (hopefully below $44). I am locking in roughly an 19% gain.
Priceline.com (PCLN) goes without saying, what a surge. I don't see that gap filling this quarter - it will take a disappointing earnings report sometimes 2-3 quarters out, and/or a huge drop in the market for this event to happen. That said, I am going to sell the majority of what remains in a VERY STRONG chart and keep 0.1%. Let me emphasize as a stand alone company this chart should not be sold, I am thinking holistically in a portfolio... I've added other positions so to keep my long exposure at X% I want to sell some winners. I'm booking about a 35% gain here.
Polypore International (PPO) looks like it has a much better chance of 'filling the gap' soon, unlike Priceline.com. I am again selling almost the entire position (leaving 0.1%) with intention to buy back if/when that gap fills. If it does not happen I have other stocks to deal with on the long side. I am hoping to buy back around mid $24s if and when. Securing a 15% gain here.
On a temporary basis I am going to have more individual positions than I normally carry for 2 reasons. I am sitting on a few stocks with 0.1% allocations that I have taken profits on, but don't want to 'exit' since I'd like to buy them back, and I tend to lose track of stocks unless they are starting back at me in the portfolio each day. Second, I have one commodity position made up of a 4 stock basket - I am treating that as 1 position.
Again if you are a momentum guy you will scoff at selling any of these stocks, but to each their own (strategy).
Long all names mentioned in fund; no personal position