I think the bear market is intact in equities even though we have had a big rally. One thing that I am concerned about is the sovereign funds. With trillions of dollars sitting them, yes, the ones used to buy the SUVs have to be parked somewhere. 1. I doubt they will be converted to Euros, that will depress the $ further depressing the value of these sovereign funds. 2. There may be some private equity action, but I doubt these funds want that kind of action. 3. Bonds, no thanks, got them already. 4. The money has to go to equities and US equities are quite attractive to outsiders who will also get exposure to $ rebound if they invest in US equities. If this starts flowing in, shorts will lose big and DOW will hit home run. What do you guys think about this?