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Took Some Profits In CHK And AAPL
My two drivers of gains in my portfolio over the past couple months have been Chesapeake Energy (CHK) and Apple (AAPL). Even though I think the long term fundamentals are intact with both companies, I decided to sell part of my positions in both stocks.
When it seems everybody is unison regarding higher prices for a stock, it makes me nervous. Apple, even though still of its highs from late 2007, has had a fantastic run over the last few months climbing from below $120. Natural gas and other commodities have been moving higher in a parabolic motion that has me extremely nervous.
Could these stocks continue to rise in the near term? Sure, but I’m a true believer that it is never a bad thing to take a profit.
I will be watching both stocks intensely, waiting for future buying opportunities. I still have positions in them, however, only about half of what I had before.
What are your thoughts on Chesapeake and Apple?
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Agreed on Chesapeake, I don’t think oil and gas can sustain this kind of action without going through a short-term correction.
A lot of people are going to be buying APPL leading up to the June 6th rumored iPhone 2.0 announcement. Might be a good idea to buy in on a drop back into the $160’s