The market loves Qualcomm $54.24 (QCOM). QCOM holds many wireless patents. They just settled a long running patent dispute with Nokia (NOK). Immediately upon the news the stock broke above $50 and the buying pressure continues. The market likes the news. QCOM is a great way to play wireless. You dont need to anticipate who will produce the next cool handset: Nokia, Motorola, Apple, Blackberry, Samsung, etc. etc. QCOM rakes in the roylties regardless.

In a classic sell on the news, EZPW announced good earnings then reversed from its high over $18 to $17.24 on twice its normal average daily volume. Because we have over a 40% gain in little over 4 months, I would take 33% off the table, and manage the rest of the position. As a general rule of thumb whenever I have a 25% profit in a position, I sell 20% and manage the rest. If I have a 50% profit, I sell at least a third to 40% of my position. If I am lucky enough to have a 100% profit, I sell half and play with the house's money.

In a scene reminiscent of a 1930's Depression era run on the banks, Indymac depositors angrily lined up earlier last week to demand their money after the bank was taken over by the FDIC. Adding credence to the theory that money and brains are mutually exclusive, it was reported that at least 10,000 of Indymac's 275,000 accounts had in excess of the federally insured limit of $100,000. How can someone who was able to accumulate over $100,000 be so dumb and leave savings exposed like this? But the best part of the story carries a "What goes around comes around" plot. It is best summarized by the following commentary from the Huffington Post:

Hmmmm...no black people involved in this riot?.... Of course not! Not many people of color have neglected bank accounts with balances over 100 grand. I must admit to a wee bit of schadenfreude watching these very well-heeled, overwhelmingly white Republican Ditto-head supporters of McCain/Bush & Co. and their "free-market", no government oversight or regulation, every man for himself brand of capitalism, out there shoving each other around like a bunch of rowdy anarchists and whining for the government to step in now and give them their entitlement of the amount of their fortune that they knew was not insured. They have finally reaped what they have sewn!