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Who do you trust??
August 19, 2009 - Steve Schulwitz
I am out of places to turn. Is the current market really going to have the correction market "pros" have been warning about for more than a month? After the market plunged at the end of the day Friday, and fell off the cliff on Monday. I figured the downward trend had begun and I began contemplating taking what I had made off the table. I did, goodbye Dow Chemical, for now. For no apparent reason the market jumped big on Tuesday. I came out ahead, but it still irked me that my profits could have been larger. You guessed it, Dow had a positive day. I was becoming greedy and probably wasn't using my own common sense and drawing my own conclutions. This current rally is unprecedented. Nothing seems to be driving it. The experts don't have any idea which direction the ticker is going to go next. I find it amusing that one day they will proclaim the "new bull market" is strong and investors had better get on board before it's to late. The next day the same analyst will become "bearish" and encourage you to sell so your profits won't go to waste. I sold. I took my profits. I hated to do it. I didn't have to do it. But to me this market has just climbed way to high, way to quick. In my opinion it is oversold. I think I will benefit from the profits I took in the long run. If the market drops as many predict, then I will have those profits to use to re-enter at a lower cost per stock. That will increase my holdings and earn higher dividend totals. It also gives me a chance to rearrange and diversify better before the market starts the next level of its climb.
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