Thanks Ken. I see you have a risk chart posted with suggested cash positions It's my fallback alternative for Tom's (now private) iWave that I've been maintaining for around a year now. <a href="http://www.gummy-stuff.org/markets.htm" target="_blank">http://www.gummy-stuff.org/markets.htm</a> - gives a feel for how global markets generally move in lockstep - so its not that surprising to see that recent iWave suggested cash levels of around 53% (see <a href="http://investorshub.advfn.com/boards/read_msg.asp?message_id=24171198" target="_blank">http://investorshub.advfn.com/boards/read_msg.asp?message_id=24171198</a> ) more or less matching the recent 50% level indicated by DY6/7PE. DY6/7PE provides an indicator of equity/cash levels to carry and current trend direction, whilst PE+BoE (short rate) provides an indicator of bounds. Congrat's on being the first. Best regards, Clive.