Right now, while I am still in my sweaty bear suit (from 1595 no less), I think that there is still a chance that we escape a major debacle, these chances will depend a lot on the extent of expansion of new lows in the next few weeks. We got another extreme reading in the p/c ratio yesterday, but during expiry week, who knows if it is critical or not. The futures are down right now and the response to QLGC' earnings was baffling. Not a bullish type of response. Yet my very short term model does not have anything strongly down tomorrow (I am at 50% cash which is quite below my recent target of 60%. I just think that to be extremely bullish here is dangerous and that starting next week, we may go down with a little more vigor. We'll see, if tomorrow QLGC takes back $51, all the nail biting might be over...
