Maybe not. If this fiscal cliff is worked out, TEX is going up. You know 4th and 1st Quarters will be good, so up it goes. Nothing wrong with taking profits and if you want to wait around for the eventual correction, then do it. I don't think correction is in the cards.
I've been the one saying "write calls", etc...... so don't take this wrong.....
BUT! I think one needs to be careful of not being too fancy here. With rates so low, the correct valuation on stocks SHOULD be much much higher, and it's just been all the economic BS that (IMHO) has been holding things back.
Fair value on a TEX should be 15 - 20X cash EPS in a more normal environment. So with all the indications that the economic stagnation is beginning to lift, at any moment there could be a straight shot to $35 - $50.
I like the trading, and have argued that all along. I just think a guy has to be careful to not get locked into INSISTING it will correct. Cause when this puppy runs, it RUNS.