Yes Leon,
You are right. I had 910-920 as a target and we are rapidly approaching it. I will certainly make some anticipatory sales in the next few days.
But...
There is a possibility that we have begun a new bull market. If so, sentiment and momentum indicators can remain overbought for a very long time. In '96 I remember watching the market catapult higher, and having similar conversations with my peers. But the market relieved its overboughts, and actually consolidated sideways. It never gave a real chance to cover. Vix can and will go below 20. I am reminded of the chapter in "reminiscences of a stock operator" when he is talking to the old timer and asks him if he will sell and the old timer scoffs and says "lose my position?, why its a bull market"
So...
The names I will keep will be the heavily shorted names in my long book-like AMD, OHP, WIN, HD, BBY, JPM, VRTS, BA, LH, CPN, and EP to name a few.
But...
You are right- just dont overcommit.
