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Non-Tech : The Woodshed

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To: longdong_63 who wrote (6214)	5/7/2004 12:31:09 PM
From: Michael Watkins	Read Replies (2) of 60913

I don't think in terms of bullish or bearish. I have zero emotional attachment to any sector. All I can say is that with certainty the uppermost trading range is broken and in my experience it means that any long side trades at this point are counter trend. You can still do them, but you also need to be aware that you might have to close them out. Long term investors get absolutely killed when major trends end. They don't know when to sell, when to be defensive. Tidbit for the day: Since 1975 there have been three up trends in gold. Each one lasted either 3 or 4 years. This one is 4 years old. What's to guarantee this one isn't over? Not saying it is, but personally I will be trading as if it is.

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