http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

Chinese fireworks have ignited a conflagration in our markets.  We have flattened all our posistions, even long term IRA accounts.  95% of our capital was already in cash, as we specified in our May letters.  A fuller analysis follows in good time.

(Our last letter was rife with typos.  A corrected version is on line, but we’ll leave your inbox unmolested.)