Current Rally Phase May Have Legs, But Protecting Profits Is More Crucial

Excerpt from Raymond James strategist Jeffrey Saut’s latest essay:

Excerpt from Raymond James strategist Jeffrey Saut’s latest essay, published Monday (April 27th):

…[W]hile we are cautious in the short term, we think the current rally phase has “legs” and will likely, after some kind of near-term peak and subsequent correction, reassert itself and travel higher. Whether this turns out to be a new bull market we will leave to Dow Theory, but we have made some pretty decent trading profits over the past eight weeks and therefore continue to recommend harvesting some of those gains. For example, in our March 16, 2009 report we wrote:

Read more »