1.DO YOU THINK IT IS LIKELY THAT CETV PROFITS IN BULGARIA,CROATIA AND UKRAINE WILL APPEAR QUICKER THAN EXPECTED BY GOLDMAN?
2DO YOU THINK THAT CENTRAL EUROPE AND CETV WILL EVENTUALLY DECOUPLE SOMEWHAT FROM STOCK PRICES AND THE ECONOMY IN THE U.S?
3 DO YOU THINK ITS MORE LIKELY THAT WE WILL EXPERIENCE SIDEWAYS /SLOW GROWTH FOR THE FORESEEEABLE FUTURE OR DO YOU THINK ITS MORE LIKELY THAT WE WILL HAVE A BEAR MARKET RALLY FOLLOWED BY A RETEST OF THE LOWS IN 6 TO 8 WEEKS?

Goldman has the most bearish estimates so I do think things will be better in 09 and 10 than they expect but I think it will be across the board. I do believe that Ukraine will do better than assumed next year. There is no guidance yet for Bulgaria and even Goldman expects the turn to profits in Croatia in 2009.

I think Central Europe will again be a leader but the shock and damage of this decline means it will be in show me mode and that means it will take months or quarters to re establish confidence as only actually positive news will convince investors they were wrong.

I think it is impossible to predict the market but I beleive the worst has passed for now and that we can trend higher for the next 4-6 weeks in a range of 900-1050 on the S&P 500. After that a retest will depend on just how bad the global econonmy is.