an tSionna: 11/19/08

Market violated the resistance levels set from its Mid-October lows. This forces us to bring out and review the more defensive pages of the game plan. The only thing markets have going for it in terms of the very short term is the extreme bearishness among investors and the fact that the 840 resistance level on the S&P 500 is is a well known "line in the sand".

*Long SPY and other S&P 500 index related ETFs for various clients.