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To: skinowski who wrote (87322)	12/11/2003 6:06:36 PM
From: Perspective	Read Replies (2) \| Respond to of 209892

Sorry, I don't have a graphic editor handy, but this looks like a very clear terminal structure to me out of the August lows: stockcharts.com[m,a]daclyyay[pb50!b200][vc60][iUb14!La12,26,9]&pref=G Alternating 3's: i-ii-iii-iv- now in v, or done with it. Likely to get a throwover of the top wedge line. Of course, if it is more than a throwover, it could turn out to be a hound. Yikes. It would take massive participation by J5P, and basically a repeat of the first few months of 2000. Are people really that stupid? BC

To: skinowski who wrote (87322)	12/11/2003 6:11:57 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

And it was letting go of a hedge, to be precise. I've rotated the shorts to more volatile techies, and started easing out of the hedges. If I were to remain hedged, I'd grab SPY instead of QQQ anyway. I don't do anything too quickly, and I've been quite patient, so I'm in no big hurry to get short in a big way. Exposure now at 20% or so - and rising. The last 48month cycle ran 17 months up before topping; we're in month 15 now. Granted, most of the gains last cycle came in the last few months, but it would require a repeat of the mania to get a repeat of that experience. BC