Res,Thanks for your further input. You obviously follow the ETF;s in considerable detail. I am invested in several ETF;s in the resource/PM,s sectors and in these the fund holds a percentage in cash so that it is not constantly selling shares to meet redemptions ,rebalancing,etc. The ETF's that are fully invested do have to do what you have so well explained. I agree that this discussion is somewhat academic at this point as it will not ,in itself lead to a higher sp.

I sense,without any basis, that we have bottomed and that we may well have news next week.

Have a good weekend and it is always good to exchange views with you.