Klaus when you say US markets have yet to 'crack' do you mean to say that you believe they will break the S&P lows of the channel before the high. I have also noticed that the US is really the only one that hasnt. Canada and much of the rest of the world, especially europe and china have broken through the bottom of their channeling which keeps me very hedged but i think that europe will decide which way we go this month on ether a bail out or a default of greece. in the case of a 'crack' do you think that a collapse could ensue?