Clearly the Brokerages and the IRS....
Plenty of commissions...and "taxable events!"
That's why I don't think jumping in and out of stocks is worthwhile...
If you have a long term macro bet...just stick with it...or sell it and don't come back.
The problem is that by the time you "decide" to sell...and then "decide" to re-buy...your prices will likely be very very close since no one gets out at the top and in at the bottom...
In other words selling at 20 and reentering at 19 will likely only benefit the brokers and the IRS... and the chances of an investor selling at 20 and being forced to re-buy at 21 are also great!
Investor psychology is the friend of brokers and the tax man...!
