We'll start with the trivia . . . more all-time highs for the Dow. Now to more important matters.

I finally closed out my Yahoo! position. The stock was strong on Wednesday and I covered at $24.50. To be honest, the argument for staying short here still looks strong to me but my position was a small one and, despite the profits it afforded me over the last month, I had grown bored with it.

I'm still bearish on Yahoo!

and will take a decent-sized short if it gets up to the $25.50 area, where there is a lot of congestion on the chart. For those thinking of doing the same, around $27 looks like a good place to place a stop.

Still holding IBM. This is a pretty boring stock to hold, but it's looking good for further gains. Its progress last week has been slow but steady and continued 52-week highs look likely to me. I'm up nearly 500 here and, with my stop loss order at breakeven, I can sit back and relax with this one.

My best profits came, yet again, from Elan. As I pointed out last week, the stock has been trading in a predictable $15.20-$16.20 range for the past month or so. The previous week saw me go short at $15.90 but the stock didn't quite make it to my $15.30 target. By Monday morning, it had risen past my original entry and was threatening to hit my stop ($16.30). Any trader will tell you never to double down on a losing position.

It's wise advice but I decided to make an exception here and I doubled my initial short at $16.10. Why? I couldn't resist. Quite simply, I was pretty sure Elan wouldn't hit that level.

I was right . . . beautifully so. The stock hit a high of $16.15 before heading southwards, helped on its way by a Goodbody analyst cutting his full-year forecast for Tysabri . . . Elan's muchhyped MS drug . . . from $78m to $25m. As the closing bell neared, Elan had slipped all the way down to $15.40. I gleefully closed out the entire position for an overall gain of almost 1,000 (that's after commissions, as I not-sohumbly point out).

Should I have held out for my original target of $15.30 (which was hit the next day)? I don't think so.

Earnings were due to be