Hank, I am not sure we are "ready" for a washout, yet, and I do not think the rally will be much more than 125 to 150 naz points (as I said to about 2650, max, but I thought we would close a tad above 2500 today, since we did not, probably it may stop even shy of that). I also do not expect a precipitous decline from that mini top, but a decline that slowly gathers momentum as we go into the March 9th bottom (or it could be earlier the way the market is accelerating those turnips' time tables). One scenario, which I hope does not occur, is a very strong down day Monday and a wash out bottom Tuesday. I do not think we are ready for that, and thus my relatively heavy deployment. I am on the west coast this weekend and will not be able to see the market probably until Tuesday afternoon, or later, so the turnips better be right about that rally. But frankly, at 2450, where I rushed to do the "deployment" we were barely at 200 naz points from the year's low, it made sense, IMTO, to start and increase exposure anyhow.
Zeev |
