Golfin, these are excellent points. You know I preach this stuff as well as anyone. ;) I'm simply confessing I don't know how this is going to play out in the market. At this moment (it could change tomorrow), the market is telling us there may be solutions we haven't considered.
If the market is going to get flattened--and it might--then I have to confess I don't know *when* that will happen. I do know that a market that's about to fall off a cliff sends unmistakable signals and those signals do not yet exist. The signals are unavoidable and necessary. They are science.
Our best chance for a substantial decline will be at the next 80-week low, anticipated sometime in July/August 2010. It's interesting that the 2002 market fell apart going into July 2002.
Ted
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