GaryThanks, interesting, I am a cross between a long term trader and investor, I often take short term profits, being a non US resident the tax implication between short and long term is not relevantI only run my own modest portfolio, and have the ability to buy and sell very quickly, if I am away or out of touch for a couple of weeks I often liquidate in full, I use Interactive Brokers and dealing costs are immaterialI agree there will as always be profit taking prior to the end of the yearI find your comment that significant drops can be caused by short term traders taking profits, facinating and a point I had so far missed, over the last couple of months I am ahead some 30% plus and am seriously thinking of going totally to cash to wait for a minor dip, and if I had to wait until Jan 08 I could afford itOf course those running large funds and portfolios do not have the flexibility that a modest individual has, I am invested in emerging markets with a large proportion in ChinaI also belive that the greater returns from these markets far outweigh the risk, because a world drop is just as bad with USA or European stocks, and growth is limitedI remain bullish especially when October is behind us, can be a tempremental month, hence might just cash and wait for the smaller correction, as around mid AugustAlastair
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