looking bearish, page-23

Considering what I feel are the 3 main cycles, 4yr presidential, 10 yr or decennial, and Armstrong, it comes to this:-

Right into year end is a top per the 4 yr.

Then the cycles say Feb or March as a low and even May.

From that point they suggest 6 momths of upside as a minimum.

There certainly are longer term cycles that could provide a severe down move here but they should fit the Feb/Mar or May idea still.

Oct 2008 is a possibility for a major low as a worst case.

My take is to play the swings until March and then expect a solid move.

There seems little doubt that the upside will no longer be free and easy.