"Developments in Pakistan are extremely serious and will certainly impact equities. Add this to the list of oil, dollar and sub-prime as U.S. elections near and you have a top ready to pop."
Based upon your comment I updated myself on today's developments in Pakistan, and I don't find Musharraf's declaration of emergency rule to be all that significant. Whatever he has to do to maintain control of that country is in our interests. I'll get worried if he were to be ousted somehow, because then the fanatics will be in charge.
Similarly, I consider oil, the dollar, sub-prime, and US elections to also be "old news," and that people will probably turn out to be ill-advised to sell for any of those reasons as well.
I'm with Barton Bigg's, in thinking that a melt-UP in multinationals and tech is a good possibility in the coming months:
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