I once mentioned here putting on hedge in July, because the index is far away from the trend line and 200 days moving avg. I once again mentioned here (in a follow up to a 401K topic)to have all cash and waiting for Sep. to come back as the sub-prime problems expanded to alt-A and even prime mkt. I got it right because I experienced 1997-8 sell-off and 2000-2001 sell off. Some how you develop a sense of market turning point if you experience a big market turn around.