Judging by the ADVFN bulletin boards, many investors seem to think that shares are about to take a downturn. Their argument is that with high oil prices, companies are facing increased costs and this will feed through to the bottom line. Also, there's little doubt that retailers are having a terrible time, with many profit warnings coming out - House of Fraser being a recent example.
But I'm not so sure that companies are suffering that badly.
Several companies that I hold in my portfolio which have reported recently have announced increased turnover and profits and seem to be confident about the future. White Young Green reported brilliant results, as did Delta. And VP has just come out with a confident trading report.
While I agree that you often have to take company statements with a pinch of salt as they are 'spun' in favour of the company - the actual figures speak for themselves. So it's not all doom and gloom (unless you are a retailer).
So, while many feel we are going to have falling share prices for the rest of the year, I feel reasonably optimistic that we could see a good year end.
Next year I'm not so sure, but - in any case - I feel it's too difficult to make predictions, which is why I don't play the indices.
The increasing oil prices are certainly making me a lot of money. Oil shares are the place to be and my holdings in Burren Energy, Dragon Oil and, more recently, Tullow Oil and Hardy Oil have made me a fortune. I think all investors should ensure they have some exposure to oil - at least for the moment.
Right now I'm happy to stay holding most of my shares despite the huge gains they have seen this year. There is more to come, especially in my favourites: Burren Energy, Dragon Oil, CSR, and Rotork.
Emerging Market Trusts are worth a look too - they are all booming. My favourite right now is Templeton Emerging Investment Markets Trust PLC.
So, good luck to all of you who are sticking with your shares for now. I think you are wise!