Minimum Stock Index Bounce Occurred Today
The various indexes got their minimum bounce off the recent low by rallying 38 to 42 percent of the decline from the May highs. (normal bounces are 38 to 48 percent of prior declines).
The gold – dollar relationship says that a stock market bottom based on the May highs is well away, panic still reins.
The short-term Short Gold versus Short Oil relationship is working as oil prices have been gaining on gold prices.