Before the open on May 16 with the S&P 500 at 1423.57, Jim, you penned a column questioning "the short-term prospects of the market". At that time the S&P 500 had increased 11.8% off its closing low on March 10, was at a four month closing high and had increased 1% the previous day. The VIX was at a 7 month closing low and investors were apparently singing in unison "Happy days are here again ...". But in your column you had the foresight to question a market that was only "buoyed by sectors that are fundamentally inflationary". You noted that "high oil prices haven't affected the major indices that greatly" and questioned "Can this phenomenon continue?" You noted that the rally "will become threatened by continued evidence of inflation". Soon we had the answer. Two market days later the market peaked on a closing basis 0.21% higher and has headed south ever since. You nailed the short-term prospects of the market. You nailed the essential reasons why traders should fear the market even though it was then in a strong up trend and at a four month closing high. You nailed that oil shouldn't be causing a rally, but rather causing concern. You nailed inflation. And you nailed it all during a strong stock market up trend - even almost at the high - not during or after the down turn. And you were able to publish such foresight at 1:27 AM! The S&P 500 is now down about 10% from when you penned your column. Kudos. Kudos. Kudos. I hope to see more columns written by you addressing your overall feel for the market. I know that your May 16 column will be almost impossible to top. But I also know from past experience that you have an excellent feel for the market and readers including myself could prosper from your insight. Your prescient piece published on May 16, 2008 at 1:27 AM:

http://www.greenfaucet.com/traders-talk/can-energy-continue-to-lead-the-market

John Slagle