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Strategies & Market Trends : Value Investing

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From: E_K_S	7/12/2011 12:09:11 PM
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With the Market up modestly I have made some sales to raise cash: New York Community Bancorp, Inc(: NYB) - reduced to stub position Penn West Petroleum Ltd (: PWE) - no longer in top 10 Covidien plc. Ordinary Shares ((: COV) - closed out position Not very positive on any banks. I have little or no exposure to financials. NYB has been a core position in the portfolio for years but w/ all real estate still in the dumps, holding NYB is dead money. Future growth (if any) will be very small. PWE dividend has fallen below 5% and is paid quarterly rather than monthly. The company will be negatively impacted by a stronger U.S. dollar which I think has bottomed and should trend higher from this point (especially vs the EURO). Using proceeds to build up my AG stocks as buying opportunities occur. Closed out my COV position for a 30% gain from my initial buy(s) in 11/1/2010. Company is still a value hold at current levels but a stronger U.S. dollar could impact future margins and result in lower profitability. Booked my gain and move on. --------------------------------------------------------------------------------------------------------------------- Looking to raise cash primarily from stocks that I added to in 2008/2009 w/ very low cost basis. The strategy is to either book all those gains or sell all the higher priced shares and keep the very low cost shares and raise cash for the next big buying opportunity. The recent volatility swings due to possible Italy/Greece/U.S. default(s) currency devaluations and banks still needing to adjust their balance sheets to reflect the "true" value of their real estate holdings (ie. mark-to-"current" market prices) leaves me a bit concerned about this recovery. I am setting up the portfolio to take advantage of a possible S&P correction back to it's 200 day MA @ 1249 (650 pt correction) or even a test back to to the Monthly 50MA @ 1193 (1,150 pt correction). On average I will probably be a net seller of stocks over the next few months. Any new buys must have little or no debt, a historically low PE and can be has at a bargain price. EKS FWIW, leaving the party a bit early with one foot out the door but always looking around the corner for the next big bargain.

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