Continuing the trend from yesterday, I'm taking advantage of weakness in some of my holdings to add to positions and continue to rebalance. I've added the following:
* TOL. I continue to like the homebuilders here. Despite lackluster numbers and a downward revision in home sales numbers for last month, they are rallying. It feels like these stocks have nowhere to go but up.
* WFC. It increasingly looks like a soft landing is in the cards. Inflationary pressures are being ameliorated thanks to cheap commodity and energy prices. It stands to reason that financials like Wells Fargo will be the beneficiaries of cheap short-term and long-term rates (core business model and mortgage originations, respectively).
* AAPL. I continue to like Apple Computer, even at these levels. Apple is going to be very strong going into back to school and Christmas seasons. I'm taking advantage of a small pullback to add to my holdings.
On a side note, I unwound most of my GOOG Jan calls at 420... one misstep by these guys and it would have torpedoed my gains for the year. I'm still very bullish but don't want to be the next Amaranth!
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