Currently, a combination of very weak global equity technicals and Risk-Love (sentiment) at panic levels suggests no heroic market views - bullish or bearish. History suggests that this combination (weak technicals, panicked sentiment) offers a 60-40 chance of higher returns in three months, with severe drawdown possibilities. If the Tape/technicals become stronger, we will change our minds. The only high-confidence view we can see is the attraction of "junk" in the US, given record stock correlations of stocks with the benchmark there, but not in Asia. Last week, in "Ceasefire, for now", Investigator, 8th August, 2011, we said we would update our high-frequency metrics and see if anything had changed. We had said, "those who are very nimble and need to manage their net exposure on a daily/weekly basis should simply respect our checklist model, not listen to our interpretation, cut exposure and get back in if the risk model turns positive". Last week, Asian equities were down 5.4%, and we think this advice still holds, since our checklist is still negative. See Figure 1.