Update: Short JCP; RYLPX sold

Yesterday, I presented JCP as a short opportunity before the earnings number.  This morning it came out in-line but the stock has dropped $2, so I am taking profits for a quick one.  If this climbs back above $26, I may go short again.  My target is $22.

As an aside, I also sold a small cap mutual fund, Royce Low Priced Stock Fund (RYLPX), that I have owned for years.  This 4-star rated fund managed by W. Whitney George is up about 7.5% this year and has averaged 9.8% over the ten years I have owned it, which puts it in the upper 4% of the category.  The excellent returns are due in large part to its heavy exposure to mining stocks.  I am selling now because this is my trading account and I want to increase cash for now.  I may buy some shares in this fund in my non-trading account if/when the market pulls back.