Is the streak over?  In the midst of mor…

Is the streak over?  In the midst of more than a week-long run or so of up days, and with many big up days at that, I closed out several posts last week talking about how we needed to “respect the streak“.  That is, Jay, one of my mentors who runs a huge distressed debt fund for many years, used too say that we should respect our streaks when our positions are rocking to the upside and that we shouldn’t take profits too early.  Well, yesterday we were down slightly and today we’re down a bit more, and unless there’s some miraculous rally before the day’s end, we will likely say that the streak is over tonight.   And while I’m not ready to take profits even though we’ve got some nice ones in several positions, as I’m still in the building phase of this portfolio,  if you’re overly weighted in one name and need to let out some pressure, it’s probably time to go ahead and do that.

Let’s catch our breath, shall we?