I agree with you on the medium term outlook (past an October low, I still expect), my point was that very short term, the market is weakening when the index prints a new recovery without leadership expansion (BP). Your observation as to the divergence between MACD and the BPNDX since the March low, is n congruence with my view that post the October low, we should expect an explosive run to mid January early February. My plan is to increase exposure over the next 2 to four weeks all the way to 80% (maybe more if the October low is nasty). Plan the play, and play the plan, has worked like a charm since we printed the August low at 1750.