Market Summary

The melt down continued with all sellers and no buyers. When will we see the bottom? I believe we will see a bear market rally in near future to retrace approximately 50% of the current downtrend that began with the September high. That would bring the S&P500 back to about 1050 or 105 on the SPY based on Fridays low. If we go down further next week that value will be lower.

I have little commentary to add to the table below. It is completely red on a year to date basis. Gold is down the least and emerging markets down the most. Because of margin calls and hedge fund redemptions there has been massive selling which has caused this meltdown. Money managers who are sitting on a mountain of cash are just waiting for buy triggers to put that money back to work. While I believe that will happen before this months end we will just have to wait and see. Click on table to enlarge.