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Thanks, Dr. Whiskey. Yes, this could be a summer of hell, as you point out.

As you probably have inferred, my equity exposure is light, for the following reasons:

a) FUNDAMENTAL (Shiller 10-year PE at 20x suggests single-digit prospective returns, based on 130 years of market results)

b) TECHNICAL (Richard Russell's repeated "sell" warnings)

c) WAVE THEORY (we're at the end of the 250-year Grand Supercycle, per Elliott Wave crowd)

d) PLANETARY (possible Cardinal Climax mayhem)

e) PREDICTIVE LINGUISTICS (more, see George Ure's excellent

Speaking of, George last week cited this article on stock returns and moon formations. The article was written in 2001. Part of me thinks planetary alignments is quackery, but who knows? I tell you, Arch Crawford's presentation in Boston last March to a couple hundred astrologer-types was fascinating, and no one said Arch was making up alignments to make his predictions look good.

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