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Strategies & Market Trends : Strictly: Drilling II
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To: Frank Pembleton who wrote (13380)5/28/2002 10:11:53 PM
From: Little Joe  Read Replies (1) of 36161
 
Frank:

I don't know about the habits of others on this thread, but I like to protect my profits. While, I think long term gold will go much higher, I do not hold that as a religious belief. Markets tend to fool us more often than not and a healthy skepticism will save you money. When you are long, ask yourself what would cause me to change my position? If that occurs get out. Right now the charts on many stocks are as close to vertical as I have seen. This tells me that caution is in order for the near term. I have long term positions and I have short term positions. I HAVE STOPS OR MENTAL STOPS ON ALL POSITIONS. On my short term positions, I have some sells in above the market. All long term are under the market.

The point I want to make is that in this overbought stage of the market, we need to expect a correction and protect our profits.

Little joe
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