Readjusting by selling some

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Last seen: 2 years 4 months ago
Joined: 11/16/2010 - 14:21
Readjusting by selling some

I suspect that we will see some profit taking tomorrow (Friday)on the miners. Broader market is still overbought and we're moving into a Feb. 9th, 30 year Treasury offering that may pressure the market. And, I had gotten overextended on some of the smaller caps by averaging down during the last few months.

So, I decided to sell some SVM and MFN at small losses to free up some more cash in order to reposition into some other producers and juniors after a correction. Don't know if we'll see any major correction but after the last two days I do believe I'll be able to get some better positions than those I sold for a longer run this year.

I'm more of an investor than trader but I'm learning from many of you how important it is to pull some cash out of the market in order to get back in at better positions.

I'm holding those purchases in miners such as AUY and GG that are at good values because I don't think I'll be able to pick them up at those levels again--at least over the next few months.