Some Indicators Developing

The stock market is in the middle of a macro sell-off with the S&P index having upside resistance in the 1045 to 1050 area.  There will be some bounces at times and they will be sold. 

On the hopeful side the important dollar / gold ratio started to turn yesterday.  Everything, stocks, commodities, T-bonds, and the dollar had marginal gains against gold, ie gold fell more than any of the other areas.  We still believe that a stock market bottom will be signaled by a major drop in gold prices.  That is probably six weeks away.