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[Douglas]

The system is still in cash. In my previous note I identified the next risk window as this Friday the 17th through Monday the 20th. In hindsight I should have also tagged tomorrow, Wednesday the 15th, as a high risk day. Three risk cycles turn tomorrow, the FED could have an impact (positive or negative depending on the statement), and the Dutch election is tomorrow (which could be positive or negative depending on Wilders). Wednesday is definitely a risky day. As noted by another poster, there is a substantial wall of worry present which can be very bullish, unless of course it was built by Jericho Building Contractors Inc.

Regards,
Douglas