We scooted out of most of our Cummins Engine (CMI) last week and then immediately after an excellent earnings report yesterday (Cummins Engine Continues to Quietly Execute) with the last of the position sold out at $74. I wrote

Now as much as I like this story we see a potential top forming and everything good is to be sold in this trecherous market; all gains are erased quickly. So I'm taking this down to a 0.1% holding position and selling the remaining portion around $74. Frankly I didn't hold much since I sold on that spike to low $70s last week. And we will buy back on a pullback... or if the stock continues upward through the $75 level we'll buy on "technical" strength. Right now good results are not keeping stocks up for long so until that pattern changes we'll obey the markets wishes and sell strength.

So we got our pullback as the stock is in the $68s this morning where I am going to rebuy a solid stake here and take Cummins Engine back from a 0.1% stake to 1.5% . It could potentially go lower since there is a "gap" in the chart to fill in the mid $66s, but we made some decent change by exiting through the low to mid $70s and getting back in 5-8% lower. It doesn't sound like much but in this market where pulling teeth is the order of the day, it's something.

The overall market is shrugging off bad news for now so we have to look to be somewhat constructive...

Long Cummins Engine in fund; no personal position