The late day rally on Wednesday occurred on lower daily volume than on Tuesday and is therefore suspect. There were also more new lows than highs in my universe of 4,000 stocks. Wednesday was the 20th day of the current short term down-trend in the QQQQ. The critical pattern to watch is how the indexes behave when/if they approach their declining daily moving averages. If they bounce down off of their averages and weaken, I will begin to transfer out of mutual funds and into money market funds in my university pension. In my trading IRA, I remain in cash and own a little GLD. The key is to wait until the market reveals whether there will be a change in trend.