I will now begin decreasing my position in CLL. Over the next few weeks, I'll reduce my long holdings by 80%, keeping some in case of a buyout (PetroChina???), and some for day trading (this stock is a beaut to day trade as it is very easy to apply technical analysis too, great candlesticks!).

I've held this stock for 5 years, in that time, I've ignored all basic investment rules...

Rule # 1: Protect your capital: By holding CLL this long, especially as I watched it fall from grace, I have certainly not protected my capital.

Rule # 2: The price is always right: no matter what the fundamentals say, or what the potential is, or what the price of WTI is, the SP is always right, because the SP is always representative of supply and demand. For years I've refused to accept that the SP was what it should, that the market was somehow wrong. Well, I'm not a rookie anymore, and I see now that I was wrong.

Rule # 3: Cut your losers and lets your winners run: Sorry to say, compared to all my other holdings (SU, CLL, PBG, UTS), CLL is a loser, plain and simple, my runners have been running ,CLL does not keep pace.

Rule #4: Don't let emotions get in the way of making good trades: I've certainly felt a connection to this stock, in fact, as it fell last fall I bought it all the way down. I was clearly making emotional decisions, and not rational decisions.

This is less a dissertation as to what I've done wrong, however, as it is a testament to why this stock is a loser. CLL did not take part in the recent bull market or recovery, consistently underperforms, and at this time, I'm putting my money elsewhere. I'll stay in short positions, but I'm done with the longs.