First up I trimmed a bit of my Polo Resources (PRL) position, selling £500 per pt at 4.65p. I am now long £3000 per pt. It still looks good value over the longer term but having been oversold, Polo has shot up 25% in the last month & I think it may consolidate around this area for a while at best. If it falls back to 4.25p or lower I will be a buyer again.

The second trade was more speculative, selling the FTSE 100 short £4 per pt @ 5471. Current down about 25 pts on the trade but its a quiet day with the US markets closed. I think there may be a bit more short term general weakness over the next week but will be keeping a v.close eye on this trade and will be applying a strict stop loss!

I also closed out an old, small trade - taking a small profit on the Kier Group (KIE) position. I was looking at building a bigger position here but am not so bullish on the sector or outlook anymore so prefer to concentrate my firepower elsewhere.

The excellent start to the year continues today, Unitech Corporate Parks (UCP), Soco (SIA) and Eros (EROS) continue to edge higher and look good for further gains. On the downside RC Group (RCG) has fallen back today as the company killed speculation that the share overhang issue was soon to be resolved. As a long term holder I continue to be patient! Overall very happy with how 2010 has gone so far. Its good to stack up some profits early on because I feel that the second half of the year will be more difficult.