CCME & YONG in new Rv Shark article
Selling Into the Ramp
By Rev Shark
RealMoney.com Contributor
11/4/2010 10:20 AM EDT
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We have a very euphoric open, and it is hard not to do some selling into the gap. I've sold down a number of things I've mentioned lately, such as Yongye International (YONG - commentary - Trade Now), TransGlobe Energy (TGA - commentary - Trade Now), Spreadtrum Communications (SPRD - commentary - Trade Now) and my stock of the week, China MediaExpress Holdings (CCME - commentary - Trade Now).
There is nothing wrong with the action, but my methodology is take some profits into strength, and that is what I'm doing. I try to sell incrementally, but when stocks go straight up, I end up with some small positions.
So far, I've seen little I want to buy here. I have my eye on a few things, but this feels downright frothy this morning, and we are actually pulling back a little now. Breadth is extremely strong at better than 5 gainers for each loser, and, as you'd expect, it is the weak-dollar plays (gold, oil, coal, etc.) that are leading.
Everything is in the green, and market players are feeling very upbeat. If I was a contrarian, I'd be saying that it is too positive, but I'd rather wait for some poor price action before becoming negative.
At the time of publication, Rev Shark was long YONG, TGA and CCME, although positions can change at any time.
