Has Anything Changed ?

Our comments on Sunday afternoon before the market opened for the week stand from a perspective standpoint. Over the past week we have twice seen both sides of the huge 1280 – 1330 trading range .  Now the price negotiated for the Bear Stearns take over has the market in a selloff panic.  With the volatility being seen lately, this panic may or may not be a sign of things to come, either this is a breach of the trading range and we are looking at a new 1135 to 1285 trading range or it is a culmination move for this stage of the secular Bear market. 

 From an investment standpoint we are not in a rush to act and remain 13 % long until this all sorts out.  Alert short-term traders may find this an exciting day, but be aware that this is not a technical market environment, news and panic rule.

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