why i don't hold cer

Over the last 2 days I have sold a large quantity of CER, not because I don't like owning heavily discounted assets but because of other factors.
1. Our market has had a huge rally since the start of March & figures for the DJIA & S&P 500 look like the rally is starting to breakdown with trendlines broken for each in the last few days.
2. On 19/6/2009 CER comes out of another index which may or may not cause selling.
3. A few days ago CER was driven by large buying orders, where as today & yesterday it is the small "mums & dads" orders through Comsec, Etrade & Westpac creating all the turnover.
4. CER reached 14 cents but was unable to break through to a new level, so it fact 14 cents at this stage seems somewhat of a barrier.
5. Ever time there has been huge speculation it has always proved wise to sell into the speculation. If there was no distribution many traders would dump this stock, so we are close to D Day in knowing the answer. At present the market is not showing a positive indicator of a distribution (not that a distribution is that important).
6. I am happy to not hold CER on the basis I will be able to re enter at a lower price, so my purchasing power is effectively increased.
In conclusion, yes I do like CER & will repurchase at some stage in the future, but happy to sit on the sidelines for the present.
This is not meant as a down ramp on CER & no investment advice is given, it this just the reasons for my selling & watching CER.
Regards
Buffett