Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

It is a technical call, the news background has not changed, we have not had excess optimism on the last run toward 2060 and have not printed even under the recent reaction low of 1973, and certainly have been far from the Maginot line at 1940, so I stay with the plan. If, for instance we had an equity P/C ratio dropping under .4, I might start and shake like an autumn leaf, but it is spring and no signs of excesses leading to reversal.