Good morning everybody, on what is likely to be a tough day for local stocks with the futures pointing to at least a 1.5% fall in early trading. Today, we have changed our usual question style report due to the large nature of emails received over the weekend on the same subject, following Friday’s savage decline by US stocks – basically, is it time to be scared? We have to ask ourselves, "is the bull market advance since early 2009 complete for US stocks?" If the answer is yes, then the likelihood is that the S&P500 will correct ~600-points minimum or a whopping 25%. At this stage, as can be seen on the longer-term chart, Friday’s fall is hardly noticeable at this point in time. However, we have to reiterate we can see only a maximum of 10% upside from current levels, compared to at least 25% downside = clearly of concern.