Here is our monthly update on major indexes for our international investors.

$SPX - sell signal in January 2008 ended the buy signal of May 2003.

Most other major indexes around the world follow this pattern.

$SPX is down 36% since our major sell signal.

***

$TSX - down 23% since our major sell signal.

***

Australia is down 37% since our major sell signal..

***

Brazil is down 53% since our major sell signal.

***

India is down 42% since the major sell.

***

France is down 43% since the major sell.

***

Germany is down 32%.....

***

London is down 27%.....

***

Hong Kong is down 37% since the major sell.

***

Tokyo is down 47% since the major sell...

***

Shanghai is down 58% since the major sell.

So far support is holding.

***

Philippines is down 37% since the major sell..

***

Taiwan is down 40% since the major sell.

Summary

All global indexes we track remain on major sell signals this month.

Long term investors are in cash or hedged and will remain so until major buy signals.

End of update