Thanks Mike. The scenarios you've laid out are all poignant. More and more, your low road is looking probable. I've held out with respect to the bullish scenario, but am now in cash after the June-July rally.

The last two earnings gaps in GMCR closed near the LOD. The spectacular earnings blowups in some of the smaller issues, and the lack of follow-through in some of the sectors I was following for improving RS and technical action are all of growing concern.

There has been a built in "faith" that Washington will "do what's right." I think that faith is now being tested, and common assumptions are being questioned. I suppose I don't mind sitting this inning out.

Thanks once again for your detailed and timely thoughts.

Best
Eric