Listen to Reasons, not Emotions when holding a trading position

Now, one should really listen to someone who has been watching the markets for half a century, and discard most of the rubbish heard over the mainstream financial media. Richard Russell, who has been writing the Dow Theory Letters for 50 years thinks the current market rally will fizzle out and that "This bear market will be deeper and longer than most people think. People got optimistic too quick" and that the ongoing rally is "doomed to fail." Further, "None of the characteristics of a major bottom" are evident, most notably dirt cheap valuations."

Pay attention to this: "Stay on the sidelines," in cash or gold, the multi-year rally in which won't end until there's a "speculative explosion" in the metal, he says. More HERE.

Watching CNBC and Bloomberg all through the day over the past 7-8 years has let me in on one thing: these guys on the cable business news networks and most analyst really know nothing. Talk is cheap, anybody can dispense "analysis". But in the main, there are only a handful out there like Meredith Whitney, Peter Schiff, Jim Rogers who are really really clued in to the truth. And often, the truth is not a populist notion.