Not waiting for 1940 (that was a maginot line, not a target, the target is still the mid 2000). The point is capital preservation, when my model indicates danger of a strong retrenchment, exposure is reduced, when the model indicates "clear sailing", exposure is increased. Right now cash is at 42%, indicating caution (thus my neutral position, with a slight bullish leaning, since I still expect much higher prices by late January).