all bulls you must read this post part 2, page-13

I'll just add something else for everyone to consider:

1. If you keep/add/buy new long positions then mkt resumes uptrend and goes on to higher and higher levels -> great! you make lotsa money
2. If you liquidate your long positions then mkt resumes uptrend and goes onto higher and higher levels -> oh no! you missed out on a lotof money/getting your unrealised losses back ->good news is lots of news ways to make money/get your money back once uptrend normal service resumed
3. If you liquidate your long positions then mkt (after a bit of bouncing), collapses to new lows - a lot lower -> good you lose nothing and maybe make money in meantime intraday trading or some shorts possibly. You could also consider buying back your positions very cheaply at the bottom if the stock is not going to go bust
4. If you keep/add/buy new long positions then mkt (after a bit of bouncing), collapses very quickly to new lows - a lot lower -> disaster you lose another 20-50% and possibly unable to trade anymore - your capital is possibly effectively wiped out

There is only 1 scenario which will quite possibly kill your capital (depending on the spec % of your portfolio). All other scenarios you can recover from. This is the number 1 rule in trading - preserve your capital. Therefore if you are in any doubt IMHO you should be liquidating into any rally.

The risk IMO of holding spec long positions in particular at the moment is massive. The Dow could collapse at any moment - whenever the bears feel ready to make their move - could be in a week, 2 weeks or, bearing in mind the Dow is now back at the 6100 resistance level after a large bounce, it could even be monday night.

Good luck whatever you do