It is still above .5, not great but no problem yet. Right now, the market looks as if it could easily have put the bottom for a secular bull lasting between 6 to 9 months, or longer. Since I am not yet sure of that, I'll still play it carefully, and short term, yes the P/C ratio could require a small retrenchment, I believe it is going to be a dip to buy (I raised cash to 30% to exploit such a potentiality).
Zeev
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