I wrote yesterday about my Ford (F: chart, web, Y!) strategy; $3/share was the target while looking to capitalize on the pull back in overall market conditions on Monday.

No dice.

Ford never hit my price target, and it’s swung up by nearly $1 per share through the first two hours of trading today.

Goldman upgraded Ford this morning, noting that the company is best positioned to capitalize on the restructuring of the auto industry.  I concur, but I’m still concerned about the unintended consequences of restructured contracts in bankruptcy at GM forcing Ford’s hand to remain in line with wages and expenses.

Goldman sees a near term price target of $6/share, and I think that’s reasonable.

It’s clear, looking at the volume that many people took this opportunity to jump in.  I’ll continue to wait, although I will revise my buy target slightly as it’s clear that the major players are starting to notice Ford’s relative health compared to its competitors.

Investing F, Ford

It appears that a pull back may be in the making after yesterdays sharp decline in the markets, and I couldn’t be happier.

I’ve kept my powder dry so far, and am looking for another good trade. Ford is back down to $3.50 per share this morning after topping out above $4 last week. I still look to pick some up around $3 but will continue to monitor the trend.

General F, Ford, Investing

I cashed in my Ford (F: chart, web, Y!) shares today for a nice 40% gain.  I probably left some money on the table considering the new details of the Treasury’s plan for bad banks, but I had that uneasy feeling that the latest gains from the only well positioned U.S. car maker may have run their course.  For now.

I still feel strongly about Ford’s potential and it could very well be the sole survivor out of the Big Three, Alan Mulally has buy-in from the union and is mounting a strong effort to buy back debt.

I’ll continue to watch the stock and will get back in after a modest pull-back, whenever that happens to be.  Right now I’m looking at the $2.50 range for another trade.

Investing Alan Mulally, F, Ford