As I've said many times before, I think 2009's arrival will mark an important psychological reason for stocks to be bought. I'd like to take advantage of that phenomenon, thus I have switched my ES position from short (covered profitably @ 867) to long (same price point). OIH's good performance thus far gives me some reassurance that the markets have been beaten to the point that sellers, for now, are exhausted. I have also closed out my positions in FXP, SRS, and GG (first two long; last one short).