Shares - no, now is the time you double down! I just doubled my short position today as I re-enter and wait to collect yet another juicy gain on a CRM short. This market is definately in irrational and overbought territory, beware as the lemmings are buying without reagrd to value and this history has repeated itself so many times. FSLR up 50% yesterday on what news - a joke! Take advantage of this hopium and the ETF buying that exacerbates upswings and short the hell out of this. Do you really think by summer that we'll look back at this point and say "man I wish i was long when the markets hit that record day in April.", especially in CRM but also BBY, CMG,ODP, and so many so obviously over-valued stocks. Its a short pickers dream right now and normally I'm a long and value investor - conversely that's why I'm long in stocks that produce REAL earnings and cash flow - SDRL, APPL for a couple. Value will prove itself, make money on irrationality.
Now is the time to short/buy puts, IMHO. Yesterday I covered 20% of my short and thought I'd regret it. I've now replaced it because it appears that CRM is not reaching it's high of day on rallies. I hadn't held any puts since I posted last week I'd close them. I've now re-started two put positions.
This is the IRA rally. Wall Street expects last minute IRA money. As the last of it comes in by Monday, the "big boys" will be selling into it (though some may sell some into it between now and Friday). Years ago, before I was trading stocks and options and just putting IRA money into a fund, I noticed that money put it on or just before April 15 went down. This laggard IRA money come in during the last days a person can make a 2012 IRA deposit.