Profit Time

I took a profit on covering ITB today @ $9.20.

First of all, I wanted to take something off the table in case the bottom holds and we get another rally. Also, the homebuilders have gotten creamed the last couple of days since Hanky Panky Paulson announced that the TRAP (not a Freudian slip) will not be used to buy mortgages from banks. TOL, which is arguably the best run homebuilder is 20% below book value, which should probably put a floor under them.

Then again, I covered GGP at $20.00 and they're now at $0.20. Left a lot of profit on the table with that one. Well, I will look to short ITB again if they go back over $12. In the meantime, I can't argue with 42% profit.