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Simply, I just think a global bear market has begun. I'm not at all convinced by rallies from anywhere near these levels, at this time. Manipulation of the markets is the core of market action. Fake out rallies are therefore to be expected, but the bulls will slowly run down the capital available for these games, and/or the sellers will overwhelm them. The more honest periods of the markets are during earnings season, but in between the markets are grist for the spin mills and the hedge mills and the fed mills.

The thing to remember is something we have all witnessed in recent months - the super professional traders have been revealed to be less capable analysts than you'll find on hc/xjo thread on an average day.. with the difference being that the big traders just have more of other peoples money available to them for a while to make the market do as they want. So, trade with the short burners cos the levels are pretty obvious, sell longs into the rallies and when the rally falters, take bigger risks on the short side than the long side despite the fake ouits, and always remember stops..

and JA... you shipwrecker siren.. lucky ubby! :-)

cheers!