The S&P 500 has been range bound for almost six months, trading between 1,050 and 1,150 since early September. We have been and remain concerned about a correction. Now, earnings growth for 2010 is forecast at roughly 13.5% over 2009. If the S&P remains around 1,100 through year-end and earnings come in in-line, we may... have a non-correction correction. However, we remain defensive given very uncertain economic data.