Cautiously Pessimistic... John Hussman writes that he has been noting market conditions as overvalued, overbought & overbullish for 3 weeks now, that this situation has been associated in the past with a tendency for markets to make a slightly higher high but followed by an abrupt & often severe loss within a time window of about 10-12 weeks... emphasizes his main concern on big "second credit wave" losses, not simply just Greece & a few other regulatory concerns... "Having a longer-term inflation concern but little reason to expect those pressures in the first few years of this decade, our tendency is likely to be gradual accumulation of commodity and inflation hedges over time, as well as inflation protected TIPS to the extent that we observe a widening in real yields."... http://www.hussmanfunds.com/wmc/wmc100208.htm (4*)