Why I am avoiding the US Market for a trade

I don’t understand these flat US openings at all. You can’t flush out the margin calls and sellers without panic.

This morning Lehman’s Degraaf had this to say which is what I suspect as weel and mentioned yesterday:

“When the catalyst for a decline remains vague, the decline usually has greaterdurability because the discounting mechanism works with less urgency. There isno doubt that blow-up risk is rising with tighter credit, and maybe there issomething beneath the surface, not yet seen, but all present. LTCM promptedmarket weakness weeks before the world was privy to the Greenwich hedge fund’sexistence. Historically, a tightening cycle is rarely complete without thecurtain being pulled open to reveal the simplicity of an institution whoseprofits appeared to magically defy gravity (the illusion of leverage), and thathas yet to happen in headline fashion here. ”

I have to agree with this and rallies will likely fail until we get this scenario. At least history suggests this.