When the folks on TV are loving on the stocks you own

Good morning and welcome back to the dog run, where your friends leave their pee-mails with their latest status updates for all their friends to sniff.

I once again turned on a financial news television station this morning and my old colleagues, David Faber, Jim Cramer, Melissa Lee and everybody else was talking about how strong Google, Apple and Amazon are.  Those are two of my largest positions and another one is a good-sized position in the portfolio. Cramer said something like “you just can’t stop these stocks.”

That’s not the time to be plowing into these. We’ll buy aggressively again sometime, but let’s wait for others to be panicky or at least fearful before plowing headlong into these stocks. Even if you aren’t as long as you’d like to be, or even if you’re a new subscriber to TradingWithCody.com, I’d suggest just nibbling on some of the highest rated names from the portfolio and have some patience for a bit. The bumpy ride of 2012 isn’t suddenly over. I do think the path of least resistance remains higher, but that doesn’t mean we won’t see some pullbacks along the way. If you, like me, were buying stock and call options aggressively when these prices were much lower, I’d look to be trimming down some of that net long exposure, as you have seen me patiently and steadily doing myself of late too.

Back in a bit with headlines.