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Everyone needs to reset their basis because Obama's unfair tax increases will hit next year. In other words, even if you like your position you need to sell and get your basis out this year and just repurchase because doing so in 11' will result in higher taxes on your gain.
We're in a stock bubble. The average person is saving 8% of their income (higher than the conservative 50's) and it seems like even Burger King cashiers are buying the big staple names like AAPL (I credit some of Apple to their $1.5B earning over estimates though too).
I'm out of everything except low P/E high dividend positions. Anyone getting in now looking for upside has long missed the boat. But, I said the same about real estate Sept 2005 and it took another 1 1/2 years for those Burger King types then flipping houses to get burnt, so maybe we could see 12,500 before the correction, but I doubt it..
Oh who cares. If you're invested in good companies, take a looong term position and use the correction as a chance to increase your positions at better prices.
Jim Cramer said not this year! BUY,BUY, BUY, BUY with confidence...
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