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Yesterday and today I sold 300 shares of TESS at 16, using a limit order for 2,100 (half my holdings). It filled slowly at prices just above the limit. This books more of my profit on this stock, which is up over 50% from my last buy at 9.95. I will place an order to sell 1,800 shares tomorrow.
TESS (Tessco, a wireless distributor), at a P/E of 15.5 is trading near the middle of its range. It may still have further to go, but could do poorly if its next earnings report is as disappointing as its last one.
I think the FOMC rally was wonderful, fun to watch, but the economy still has very real problems in terms of the slowdown in housing and the sub-prime losses, which still have not been clarified as to who is holding the bag. As this reality drags on, I think the market will give back some of the gains from this rally, creating more buying opportunities. Hence, this sale, to raise some cash.
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