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I am sure most of you will recall how Noah let out a white dove from his ark after he thought the great floods were over.

I hope all our readers have had a Merry Christmas and a Happy New Year and that 2009 will bring you all the happiness and success that you could possibly wish for!

With the equity markets still in disarray from the tight global credit environment, many observers will be looking forward to 2009 with continued pessimism.

The outlook for 2009 is far from certain and there is considerable debate as to whether the market has bottomed, and whether we will see any substantial recovery within the next 12 months.

I wish I could have you open your first TTN for 2009 with good news from Tom. Alas the future is still unclear.