its become a joke, page-6

It's herd mentality but for good reason.

Although my view is that we will bounce soon and have a sharp rally, we will eventually fall further.

If this is the start of wave 4 up then it gives opportunity to exit longs before wave 5 down.

The markets are not cheap. DOW is on 20 times earnings! In past Bear markets DOW avg's less than 10 times earnings.

All that and earnings are way over stated. Retail will be hit hard 1Q and 2Q 2009 and many retailers in the US will go bust.

Property prices will continue to fall as this great unwind takes its course.

XJO at 3500 is a realistic target.

Let's not be complacent, global growth is slowing sharply and deflation in all asset classes shall continue.

This affects almost all business except for a select few such as health care.

Cash is king.