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I have taken $71796 in net short term losses & $70120 in net long term gains.Should I take some more short term gains?

Not necessarily, but you can to take advantage of the 20% maximum tax on your long term capital gains rate vs. ordinary bracket rates for short term capital gains. However, you should not let tax dictate your investments. Only sell what you want to weed out, not stocks that you really want to keep. You should probably also read the Tax Strategies FAQ about netting capital gains and losses so you have a better understanding of how it works. Good Luck.
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