Overall, I am also getting tired of waiting for a market bounce that never comes. Even after the supposed good news of Iraq's Al-Samoud missile destruction and the capture of a senior Al-Queda strategist and assistant to Osama bin Laden, the market continues to act poorly. Technically, it appears to be making a shelf formation, and the potential rally we have been expecting into March 17-18th just hasn't materialized.

Will March 17-18th now be a low? Or might the market just "hang" until then, before beginning a period of acceleration to the downside in a waterfall decline? We are increasingly of the latter opinion as the market continues to build toward what we perceive will be a particularly nasty June-July cyclical low toward 390 on the NYA Index.

Whatever the case, Tiffany trading at 18x trailing earnings and 2x sales still looks too rich for my tastes -- and likely for many others. Call it our poster child stock for debt deflationary times.

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