Summary

During 2005, on balance, the stock market has conformed closely to my dour forecasts of the last few months. This certainly includes the market's horror show of last Friday, the strong possibility of which I had outlined in a research piece distributed well before the day's trading commenced.

It is awfully tempting at this juncture to become greedy regarding the downside. But greed -- in either direction -- is almost always a losing strategy. This said, I continue to look for the market to go to much lower levels in the weeks and months ahead.

For better or worse, here are some thoughts I have regarding what is immediately ahead, and what I plan to do about it in the GRA Model Equity Portfolio. http://www.gillespieresearch.com/cgi-bin/s/article/id=530