I've trimmed positions in two stocks in my "Squawk Box" Platinum Portfolio. In the past two days, I sold half of my positions in Signature Bank and Pacira Pharmaceuticals. The reason is simple: both stocks have rallied in the past two days along with the market, and I don't think the gains are sustainable.
I personally don't care if this is a Trump bounce or not. The headwinds facing banks (Signature) and pharmaceuticals (Pacira) won't ease soon. As a result, the risk-reward profile points to overvalued and oversold territory.
The market is in the midst of a particularly volatile period. And although I don't fancy myself as a trader, I am a contrarian investor who has done well in 2016 by playing the extremes over short periods.