It is not 2008 and It is not the Bottom………with further comments at 10:30 AM CST
This market reset will take time. The right things are happening with gold losing versus the stock market. Important relationship levels were breached last Friday that indicate that the scenario we have outlined in now triggered.
We may have more comments later today as the weekend inputs are digested.
Further comments: We are closer to the bottom than the top in stocks. The financial ETF, XLF is gaining on other ETF’s today, especially the oil, metals, and commodity areas, and even the broader stock market. That is a sign that things are getting relatively better and the next time we see a panic selloff, probably to the 1070 area in the S&P, we will be buyers between now and the end of October.