if you listen to the majority of earnings calls from aaple,rimm,best buy,and even GLW today;they all say they see no signs of a recession. then they quickly say,"however,we are not immune from a downfall and one can still occur". these companies with the exception of aapl are even raising guidence and gapping up at the open only to get slammed into the red. look what happened to MSFT on friday. it tells us that the market knows its only a matter of time before these companies see the actual downturn. i remember back in 2000 when 75% of the market would warn but a few high fliers would say their business continues to strengthen and they really are'nt seeing any slowdown whatsoever. then a few months would go by and bamm! they issue a warning. not everyone feels the pinch or even see's a pinch the same time. certain business; get hit faster than others and leads unsuspecting investors with a false sense of security.