Limit order for Mosaic and thoughts on the crazy mkt rally

I set up a limit order at 43 for Mosaic in my trading account. Right now I only hold Gold (a pretty big chunk actually) via the double long DGP ETF. I am severely cash strapped in my trading account because of which, at this point, I am unable to load up on things that I like. But then again the market is excessively over-priced (30-40x PE is really really bad given the economic data points that we have) at this point and so not being in the market right now may not be such a bad thing.

As the market gets cheaper (once the Fed dollar printing dries up) I would like to start building core positions in names I like and then trade around them. I think this is a style most suitable for my kind of investing and leaps and bounds better than a buy and hold strategy. Remember that whenever we (atleast my generation and those in their 45s) talk about the merits of a buy and hold strategy we are only taking into account the past 2 decade and a half, and that was a bull market period. Alter your start points and the buy and hold merit arguments go pooooof .

Long DGP in trading account

Edit/Update: In regards to the excessively over priced nature of the market right now, here are some stats via Zerohedge which goes to show how overbought the market is right now (quoted in green below):

1. Fully 84% of the stock market is now trading above the 50-day m.a.; financials are running 26% above their 50-day m.a. in a gap we have not seen in 20 years.
2. It’s not just the banks that are hoarding cash – so are portfolio managers (ah yes, the proverbial “dry powder” … or maybe, just maybe, cash has become an integral part of money management): According to Morningstar, almost 30% of diversified US stock funds now have more than 5% of their assets in cash; for the entire fund industry, the cash-stash stands at a 5.9% share compared with 4.2% a year ago.
3. According to Moody’s, the ratio of companies having their credit ratings cut versus the number being upgraded (an indicator of declining credit quality) has reached its highest level since 1983.

But the equity market is somehow up 27% in march on pure sentiment. Sigh