Gold Tops Out, While Market Bottoms

Do you smell that? It’s a bottom. It may take a few more days to shake out. Or it may be done with today. But rest assured, we’re close to the anticipated “second test” of the November low.

The rumors that some of our biggest banks could be nationalized have helped the current plunge. It’s like a brush with death, with everyone still standing pondering their own mortality – “It could have been me!” Not exactly what’s needed to inspire confidence in the free markets. Hopefully the euphoria of living will right their spirits, and stocks…

Across the pond in Switzerland, the Swiss are discovering what most Americans have known for years – when the IRS is involved, it’s never pretty. Thousands of American investors in Swiss banks can’t be feeling to great right now…

Do you want another reason why we’re nearing a bottom? Watch gold. It’s risen to almost $1000. Lou Basenese made the call last week to start getting out of gold. We’ll see if he’s hit the nail on the head, or been a week premature. Regardless. A week of advance notice should be plenty for investors to have laddered out of their positions.

You’ve been warned. 

Or you could take a look at the Dow Jones Industrial Average. It’s just hit a 6-year low. And it’s reached that number fast and furiously. Sounds like more than just a bad movie series, it reeks of overkill.

It may feel comforting to bunker down and cover your head, not unlike the veterans of WWI engaged in trench warfare. But I urge you to restrain yourself, and “keep your head up” as it were.

You’ll thank me for it later.

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