I’m sick about this, physically. Despite the fact that the bulk of our client’s accounts are down about one third of the market’s losses, I still feel like I need to reach for the paper bag several times a day. This is tough and worrisome for everyone, I understand. But I still hold that we are simply experiencing the “normal” anxiety that exists at every major low in stocks. Take a look at the Chart of the week for a graphic reminder of the emotional rollercoaster we are on. Given the exhaustive low in mid Sept and the massive selling we say in mid July, I think we’re close to Number 12. Of course I’m speculating and not relying on this bit of humor for decisions but there are many other variables pointing to at least a relief rally starting almost immediately. I’m going to be brief in this update as I go through the most likely set of events I see looking forward in the short term.