I agree with you completely, that is why the 1347 level if breached during a "limbo" market may not have much significance. Yet, despite all the "excuses" for the drop (NK, Iraq and what not), some support should have appeared by now. When I look at specific stocks, the hits are really not that bad, and that is puzzling. I for one went to sleep with less than 10% cash, still sticking to the seasonal theme of expected strength late in December (another two days?) and early January. I hope I can hold most of my positions through the end of next week (g).
Zeev
