Unfortunately, I can't promise you a "rose garden". I don't think that the bear market is over, and after a very nice rally, I fear that once more we will be swimming in molasses. I just do not have a time table here. While it is very unusual for a parabolic decline as we had to terminate with more than a week or two of bottom wading, it can happen. When we start and move up we should have a very rapid ascent, IMTO, at least to the 1526/55 area. The fact that in the last three days, the NYSE has given us 3 GPT's is very positive .I am staying at a little less than 20% cash and think that sooner rather than later, an erumpent market will be seen. After that, the nature of the market erubescence will determine its fate.
Zeev
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