Selling out my Cisco and IAC Corp...why? And covering a little of my GBP short:

Sold Cisco in £10/tick, spot price 24.30...thats about £24,000 of stock.
Had bought it back in Feb and March (wow time sure flies), seen a 15%
rise or so. Part of the rationale is that I wasn't long enough, so I'll
step out of the position for a bit and see if I can get an entry point a
bit lower. Think still a lot of potential in the stock, as internet
TV/Video continues to grow, and so demand for routing equipment etc will
increase, but I feel the market cap is kinda high relative to earnings
(profits for the last few years have been ~$5bn a year, but market cap
is close to $150bn). Will wait for a new entry point. P+L from Cisco
Year-to-date ~£2,750.

Similar rationale in IAC Corp (Ask.com), still like it, but cutting out
of my long of £10/tick today (spot price was $29.10). Wasn't long
enough, still like it, but will cut out now and wait for a better entry
point to put on maybe 50% bigger position...I'd like most of my equity
positions to be ~£40-50k. Total P+L for IAC Corp Year-to-date is DOWN
£6,200. Pretty disappointing, but main problem was doubling my long
earlier this year after a large rise in the stock, but then cutting that
as it dropped later on.

Also bought £2/tick of cable (GBP/USD fx), bought the Dec contract but
spot was at 1.8536. Was short £13/tick (equals £1300 per big
figure)...still like being short, but buying a little back as it falls
so I can trade it around a little.