Here's the talk about why we're selling off now. From Briefing.com:
13:53 ET Floor Talk Speaking to an analyst who believes recent spike in American Association of Individual Investors survey is a reason for caution. This individual notes that the last two times bullishness reached similar levels was one week before the all time high on the Dow and two trading days before the high that preceded the 1987 downturn.
Remember, sell when you can, not when you have to! :-)
Not that I am using any analysis other than gut feel, but I've sold off a big chunk of the stocks in my trading accounts and have moved to mostly cash. I've had some huge gains this year (admitidely some of them still not getting my cost basis back to even) and I'm learning not to be greedy. Of the stocks I do still own I have sell limit orders on each.
John,
Good to see you over here, and thanks for the link on your blog.
I think you made a wise move. There should be some better buying opportunities in the near future.