Selling Pressure

So glad we've almost made it
So sad they had to fade it
--Tears for Fears

Took a small position in Merck (MRK) a couple months back with a 'buy and hold' mindset. However, the shares have been on fire recently. The stock now sports a market cap of about $135 which is getting rich for my blood given my valuation work.

Technically, the stock has been on a moonshot. Hard for me to hold a stock with that kind of near term pattern. And when this pattern stops working, there is often a fair amount of give back.

Moreover, hard for me to shake the notion that a general correction may be pending. This will create a signficant head wind against further share price increases if/when.

As such, I let my MRK position go today. Frankly, am looking to trim positions in JNJ and PG as well after their recent gappy upward moves. Will likely do so into further strength.

I like all of these names, but not at these prices in a context that I see as increasingly hostile for risk.

positions in JNJ, PG