OVERBOUGHTS. Now let's go through these; there's a bunch of them.
Let's start in Asia - our favorite Emerging Market and really favorite Eastern exposure on the equity side has been India (INDA), and that's overbought.
That was a wonderful run, and what you'll find, whether it be India (INDA), Taiwan (EWT), Singapore (EWS), or Germany (DAX) for that matter; we did not get any selling recently.
Last week was a minor correction; in fact most European indices were up last week with the NASDAQ down.
This was a uniquely American issue - and it's still an issue.
Again, Americans own the same bloody stocks; they don't own the $DAX, or $EWS, and they certainly don't own $INDA.
So that's why we made money on those, and why we have a diversified full investing cycle portfolio. When we get to the top end of the Risk Range, it's overbought, so you sell SOME. 25-50 basis points.
That's the way we think about things - incrementally.