As mentioned in my previous month’s report card, I had sold my stocks and stay cash for the moment. I am having bearish view on the market as I see many resistance for the market to break in order to resume the bull run. Europe is really in a bad shape and based on the trends and money flow, I think EUR/USD will be on a major downtrend, and subsequently, the price of US bonds must come down. We are moving into a period where countries go bust and it will be worst than companies like Lehman Brothers or Bear Stearns going bust. When companies fail, countries can bail them out. When countries fail, who can bail them out? I see European countries default first, and money flows to buy US bonds. Subsequently, US would default and money flows to Gold/Silver. The rise in US bonds will be ......