Zeev, I am also prepared/waiting for a downturn that will (eventually) generate fear. However, did you know that there is a very strong seasonally bullish bias between now and March 18? The SPX closes higher on March 18 than it does 13 trading days earlier 72% of the time. (Using all the data extending back through 1962.) That bias is almost as stong as around Xmas. When the market rises during this period the average gain is 3%. When the market falls (28% of the time) the average loss is 2.6%.