The other point I would make is that I am not looking at exclusively the S&P. I have a much wider diversification target across geographies and asset classes. I have found another couple of targets to watch as we kick off 2011. The iShares S&P Global Utilities trades on a low PE, has a reasonable yield and I would argue good defensive qualities. Secondly SingTel looks good - yields almost 5% and is a rock solid stock with a progressive divided pattern.We have also decided in the last few days to buy some physical gold and maybe some real estate, the thinking being to protect ourselves from a demise of fiat currencies going to the dogs. Its kind of expensive insurance but the world sure looks scary from where I sit.Andrew
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