Hey Barron,

Hope the battle finds you well. I to feel some what of a change in the wind but 2-3 days does not make a trend... This, my head had to remind my heart today.

I think it is safe to say that the Juniors are going to easily be batted around as they have over the last couple of years until we see volume rise significantly and consistently. This in my mind will not happen until the hedgies dump bond etc. and get back on the JPM band wagon. This could happen overnight though.

Another thing that has me feeling a northerly change in the wind this week is how G & S moved Tuesday Wednesday and held well today against the usual OP EX pressure. Some entity or # of entities took on the shorties and did well.

In terms of the general markets holding up. The term I would use is being held up!!!! I can not see this lasting for long in the face of all the world wide economic termoil and fiat instability. Thus, another reason why I am still very lery. I think it is still possible (Not a certanty though) that PM and PM shares could go down in the begining with the general market.

I no longer comment on the timing of this type of cenario for that is total speculation. And I have not been right once in the last three years to boot on timing trend shifts.

One thing I have and will commit to, is having a sizable portion of my and my wife's portfolio in JPM.

Deno G.