Very well said and I couldn't agree more and am doing the same. So far I haven't lost a dime and am scratching out a few short term trades with no commitments to anything but cash. The old saying "Return OF Capital" is far more important than "Return ON Capital" should be everyone's priority. The one big factor that doesn't fit well with a bear market and possible recession dead ahead is the long history of pre-election years perfect record of a bull market in stocks and economy with follow through into the actual election year which is Nov 2012. There has never been a bad pre-election year historically from what I have read. That is an impressive record as the elected administration spends it's way to be re-elected and the economy and stock market have gone up with this excessive spending. I don't know what your thoughts on this impressive track record of pre-election and election years are this time but with a track record like that it does make me question a bear market at this time even it it's about the only indicator left that is bullish now. Any thoughts on this would be appreciated.