BioTechHedge, it's not so tough to sell near the top, what is really hard is to avoid buying back in too soon. (And what to buy is sometimes tough, some companies don't make it, but buying most anything in a huge bear market usually works out as long as you only use cash).
Like the 2007 top, I think the 2008 low of SP900 sure looked like a good time to buy. I bet a lot of people bought then, and if they used cash and didn't panic, they are doing well. But if you bought with margin, or used options, you get wiped out in the real bottom in 2009 when it was what, SP750?
I got wiped out once in 1998 when I bought a ton of CIEN stock on margin at 35, it had dropped from 90 to 35, stalled around there for a few weeks, then went to 8.00, then moved to 300 in the 2000 top. But I bought 1000 shares for my wife at the time sort of as a present, she never uses margin, so she did quite well. She got out at 63 and kept the money in our divorce. Very funny, that is funny 12 years later.
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