I don't have much to add, my schedule hasn't allowed much time for the stock market, and that time crunch will worsen for the next month or so.
Random Roger has a compelling bearish case about SP earnings estimates being revised down (link 12-3-07). Bullish Jim did a nice study about what follows after two big up days (link 11-28-07 ).
I did manage to time the bottom pretty close with my recent sells, that never feels good. However, with my time crunch, better to be safe and take some small losses than watch the ship go down because of the equivalent of a fire in the kitchen that spreads because of carelessness.
Positions: long MRK hedged
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