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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Terry Whitman who wrote (149035)	2/5/2002 7:40:40 PM
From: pater tenebrarum	Read Replies (4) of 436258

well, at some point they'll have to correct, no doubt. this has been a pretty strong run so far. but let's not forget that the stocks and the metal remain historically cheap, and many of the best stocks aren't expensive using traditional yardsticks either. Harmony has a forward p/e still well below 10 at current prices for instance. the giddiness is a bit disquieting though, so short term we could well see a shake-out soon. generally though selling what is obviously a wave 3 in Elliott terms doesn't make sense - why not wait to see when & where it stops? that said i differentiate a bit between trading and core positions...the latter i follow with close stops, but i give the core stuff some latitude. otherwise i'd have been shaken out long ago and would be grumbling now. check the wave 3 of the '85-'87 bull: bigcharts.marketwatch.com

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