Summary
Based on what I assess as a serious, continuing technical deterioration, I have decided to raise my near-term outlook for the stock market to the status of "red alert." My risk/reward assessment of the market from current levels is there is much more of the former than of the latter. Therefore, if you are holding substandard cash reserves to weather the continuation of the secular bear market when it reasserts itself, this appears to be an excellent time to do something about it! http://www.gillespieresearch.com/cgi-bin/s/article/id=461
