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We are at the stage of the bull market cycle where some assets have gone parabolic – gold, silver, rare earth metals, quantum computing, and nuclear stocks are just some of the examples. I am not saying they can’t go any higher. On the contrary, a good story can carry a stock much higher than most people can imagine. At the same time, volatility is picking up. By volatility, I mean choppiness, reversals, and wider daily and weekly price ranges. Last Friday could be just another shake-out or a warning shot of something more to come. Everyone with some experience in the market knows that at this point, many momentum stocks are playing a game of musical chairs, but no one knows how long it will last; therefore, the most rational thing to do is to keep playing – not recklessly. If you chase extended stocks, use too much leverage, and take too big positions, you are guaranteed that you will be shaken out. Momentum tapes like these require a tactical approach and strict risk management.
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