Barring unforeseen events in the near future (like a major terrorist attack), the market should be headed upwards, at least for the first half of 2004. Where else is people going to put their year end bonuses, raises, changes in 401K's, etc? I predict not into an underperforming bond market or into a CD at 1.5%-2% annual interest.

Regardless of the market being short-term overbought, earnings are still improving and all the suckers have not been drawn in yet. Distribution under the "bigger fool theory" has just started.

Tough question. I don't think anyone has a good answer to that one. I think a better question would be ... where would you find values in this market .. ?