I just took some profits. It seems to be easier to sell into a rising market than a falling market. The bulls have the upper-hand these days, which is why "we" are called contrarians. Actually, my long position is absolutely, positively long. Long-term, I am the most bullish of bulls. However, I still think this is a bear rally (in which prudence dictates caution). If your time horizon is ten or twenty years, it's fine to "buy and hold". If you need to harvest some of your IRA to pay next year's bills, well, you get my drift.
Gratz on the booked profits, nobody can ever say someone did a bad job by taking profits. However the market is up another 1.5% today, and I've been saying that we will be making a move to DOW 9800 before we pull back a little bit more.
My point is that a lot of people are trying to 'spook' you out of the market with their 'sky is falling' mentality. They are screaming that everyone is a bull, too much bullishness, but they are the ones that are screaming, all I hear are bears screaming. Where are all these so called 'bulls'? I don't see them, if anything there is too much bearishness in the market. How many new yahoo IDs will sprout up over the weekend with a headline "crash begins Monday"? Its like clockwork every Monday I see these bearish posts peppered all over the MBs. If we manage to pull back 100 points, wich is nothing, they will be like 'told you', and disappear forever after the maket moves higher the next 4 days.
Eventually, the next pullback after DOW 9800 will set the stage for a move to DOW 10600 before the year is over. Thats what I am seeing in the charts, DYODD.
Never let green fade to red, and all that. This bear rally has sucked many folks into its bosom. I took a major amount off the table a couple of weeks ago. Mt rule of thumb: when anything, anything, is up double digits in August (YTD) you take your gains.