Sharky,

In your earlier post you displayed the S&P500 but you missed off the 50 and 200 SMA which shows the dreaded death cross (50 crossing the 200). The last time this was seen was in 2007, we all know what happened next. Now I am not saying the markets will repeat as per last time but it doesn't look good to me. If the down side continues as I said in the past I think we could hit the long term SMA (411) which will be around the 990 mark. At that point we should at least see a bounce or even better a turn around, if not then it's look out below. Still keeping my powder dry for the moment, there is far too much indecision around. Although I am out of the markets I find this is a good time to do lots and lots of research to try to find good companies which have been beaten down with the rest of the market. Very few will guess the bottom and I just hope I can get somewhere near, that will be a real achievement. For the moment CLL is strangely resilient to the downward movements which has quite surprised me. However I am with you about the fact that a downward direction for the markets will also have a knock on effect for oil and an inevitable move down for the oil companies, including our dealy beloved. I view the resilience of CLL as a big plus and when the markets are seen to be reversing I will be on the lookout to get in and probably quickly out again. Still don't think it's anywhere near time for long term commitments.

Den