G'Day mojo. A plaintive call if ever I heard one and coming from...

G'Day mojo. A plaintive call if ever I heard one and coming from one so war-toughened as yourself!!!

For what it's worth, in my view we are a long way from capitulation. Values on the S and P are still sky high. Overall bullishness in the US is still way too high. We seem to be a long way away from the black, deep despair that characterises a true market bottom. Add to that the fact that there have been no 90% down days yet and you get the picture that it's early days in this bear run.

That's not to say that at some stage perhaps even if the Iraq situation could be easily resolved, that we might not see a significant leg upwards (maybe even for a few months) but even that, in my view would be just a zag on the downward ziggurat.

My feeling is that this bear market could easily drag on for a few more years.... Sorry to be such a wet blanket but hey, you get so much pleasure from your war fantasies that I'm sure you'll be fine.

Cheers,