Yesterday, I decided to exit most of my position in Visa (NYSE: V) for a healthy 35% gain.  I’ve had valuation concerns on Visa the whole time I held it, and I think now’s the time to lock my profits and move to positions with greater upside potential.

While I think Visa’s a great company, it’s shares are trading at much too high a P/E to continue the rise it’s had.  I suspect being added to indexes and ETFs has and/or will help keep the stock up in the short to mid term, so I have held on to a small position just in case.

With the proceeds, I reupped my position in GNK, making it my 2nd highest holding now.  As I have written a few times recently, I’m very bullish on GNK through 2009, which was corroborated by some analysts just yesterday!  With the announcement yesterday of the acquisition of three more ships this year, all my earlier analysis can be bumped up a little more.  I need to dig into the announcemnt to see just how much of the purchase price is being financed to determine a new estimated price.  For those who missed my earlier analysis, it’s here.

A coworker of mine tipped me on Nucor (NYSE: NUE).  I had an eye on U.S. Steel (NYSE: X) and Mittal (NYSE: MT) for a while, but never paid attention to NUE for some reason.  Steel’s another great industry play, with short and mid term demand not going away and very little competition left in the game.  I liked the fundamentals on NUE better than X and MT, so I went that direction to get exposed to steel.

Still bullish on anything and everything attributing to global growth and supplying global demand.  Shipping and steel are the two I put my money into today.