I am not bailing, in essence I have taken the horns off, but not donned any bear suit. That is a loss of 57 Naz points (I put the horns on at 1403 after the close July 1st). I am at 30% cash and my strategy is to allow cash to frow via selective sales of some positions either through stops or sometimes for other reasons. That does not mean that I will not play the lunch tactics, but most likely will close such positions before 2:00PM. I think that we are within 50 to 100 Naz points from a bottom. If we develop real capitulation, then the bounce could be of the 30% type, if we have a repeat of the February adventure, I think the bounce will be stopped under the major resistance at 1550.
Zeev
