Although the US indices are holding there are many other...

Although the US indices are holding there are many other indications that we are headed down. The Global MSCI index is bearish and so is the important carry trade that is so vital to capital flow.

The Euro cannot seem to hold any level and is again heading down and although the credit situation has somewhat eased there is still significant credit risk.

I cannot see anything bullish in the current circumstance. Just one warning, credit issues to do not come to teh fore overnight. They take a while to reflect in the equity market. Be cautious and patient and have plenty of cash.