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October 12, 2008

Canned Food and Shotguns

I still have not constructed a post to review last week's historic action, but suffice it to say that aside from a quick test of the lows in coming days or weeks, I believe we've printed a bottom that will last for several months. Too many developments that I had anticipated to occur in conjunction with a bottom... such as gold getting smacked during the final decline, the NDX outperforming the SPX for a few days, and long bond yields beginning to spike again... all happened. I am cautiously long on several fronts and will provide more detail a bit later. In the meantime, the Gremlins pretty much sum up what just transpired:


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