My read of the charts suggests that the down-trend has been slow and will likely end in a steep panic. Look at these monthly charts of the SPY and DIA. The markets have a long way to fall and selling volume needs to pick up for this decline to end. Investors have yet to give up. I hope I am wrong. I have been mainly in cash since November. As long as I get back in below the levels I got out, I will have come out ahead without suffering the anxiety of seeing my pension balances drop. I follow the market trend and nothing else. “Sell in May” is almost upon us.