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An immediate term bottoming process is underway – people are very emotionally geared to the down moves right now, and they should be – we are living through one of American history’s greatest disasters. The behavior of some of our said leaders saddens me to the core.

Make no mistake, the governing intermediate Trend here is one of a raging bear market… and it will continue to be for some time. That’s the price we are going to pay for trading away our financial system’s credibility. My call this morning was, and continues to be, to buy/cover for a Trade. I have refreshed my macro model for prices registered at 11AM EST.

Keith R. McCullough
CEO & Chief Investment Officer