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I’m going to use today’s bounce to sell Marvell Technology Group (MRVL). I don’t know how long this bounce will run—it could go to 1220 or so on the Standard & Poor’s 500 or be truncated by investors selling into strength—but I would like to lighten up on technology for the summer quarters. Marvell Technology is the most volatile of my tech holdings. That will be good news when the group rallies but right now it exposes me to more risk than I’d like. (For more on my short-term take on the market see my post )

The company reported good earnings after the close on May 20 beating analyst estimates for 37 cents a share by a penny. Revenue too came in above the consensus of $845 million at $856 million. That was a 64% increase from the first quarter of 2009.

The company even upped its guidance for the second quarter. Earnings, the company projected, will be in a range from 38 cents to 43 cents per share (consensus before the revision was 36 cents) and revenue will be $900 million to $930 million (consensus was $865 million.)

That earnings news produced an 8% pop in the stock on the next trading day but since then it’s been pretty much What have you done for me lately?

 The stock has retreated toward its 200-day moving average with a close slightly above or below that support depending on the direction of the market as a whole. That’s not a good sign if you think that the overall market is trending lower.

As of May 26 I’m selling Marvell Technology Group out of Jubak’s Picks with a 5.3% loss since I added the stock to the portfolio on January 19, 2010.

Full disclosure: I will sell my personal position in Marvell Technology Group three days after this is posted.