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Value is all around, but not buying

The market is entering a bit of a panic, and more low volume sell-offs than I can mention (example, IPR.v at $1.29...somebody is bailing at any price...I hope s/he doesn't work in a high-rised office with windows that open). Even though fave trading stocks such as PCU are 5% down for no real reason, I'm waiting on the sidelines. By the way, I bailed again on my latest foray into MELI. Another small loss on a stock i can't get right to save my life. As for FVI.v, I'd be smart to buy here but why not wait a while and see if firesale prices show up? As for the longer term holds (again, IPR s so underwater I need scuba gear) you just wait it out.

At times like these, when everyone thinks that the world is coming to an end, all I see is opportunity. No point is trying to pick a bottom; a fruitless exercise for people with more money than sense (see CNBC at any time of the day). You just wait, and while you're waiting you read up on Asian demand for copper and how it's not going away, and you get your casio out and run the projections for FCX 2q08 results with copper averaging $3.80/lb and gold averaging $930/oz. do the same for PCU (copper and moly). In fact, pick your own poison. My whole set-up is based around preservation of capital, and it's days like today when the long term protfolio gets boosted by spot gold and silver, gets hit by PCU and stays nicely above water. Not making money, not losing money. Or in other words, I'm doing just fine.

Capitulation is close...I can't tell you when, but I hear its footsteps. Just be patient.