I'm far from a good chartist on the indices. However, I will be suprised if we don't test the lows we visited in Jan, or very near the lows on the DOW. So DOW 12,000 then a bounce is my bet. Of course this won't happen in one swoop, we could thrash around getting there for the next 2 weeks. Todays manufacturing #'s in the US weren't good. It appears the bears have the upper hand here, it will be hard to stop the trend before a double bottom on the DOW. JMHO

For those that have opportunity taking profits never hurt anyone. I would rather buy higher than I sold than to take a 50% haircut because I decided to challenge the train and step in front of it. Don't get me wrong, I 'm not bearish on NOT par say, but I remember what happened earlier in Jan when investors threw the baby out with the bath water.

Al