>Taking Profits Ahead of FOMC Meeting

>Selling nearly everything

Time will tell if I’m right but I am ringing the register here this morning selling nearly everything that I’ve been holding for weeks since I argued that the bottom is in for 2010. This includes my positions in BIDU, AAPL, EMC, IMAX, V and my few-day play on NFLX. I am still holding GOOG as I think that move has a ton of room based on the report I wrote last week arguing that Google is a Value Play.

Honestly, the bulk of my reasoning for selling is simply the overwhelming urge I feel to sell. Logically, we’ve had a monster run poking through the last level of resistance traders have been watching. The sell-off in bonds has halted and copper’s advance has stalled. The FOMC meeting this afternoon represents a major unknown variable that could be a catalyst for selling pressure. Stocks may continue somewhat higher and, to be clear, I have absolutely no desire to short but I think I will be able to buy back positions at lower prices in the coming weeks.

Just my two cents…we’ll see if I end up with the egg on my face after the meeting.

*DISCLOSURE: Long GOOG.