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I hate to sound like a broken record, but I'm really don't trust this market. It isn't cheap enough to buy and the macro factors look pretty bad. I hope not too many more companies go under as the European contaigion spreads. But just on an instantaneous profits level, it isn't that expensive either. The question is, are the profits maintainable, or do they revert to the mean?

So I'm still mostly in cash, waiting for things to either get worse, or resolve. 

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