The Great Deleverage

Will we see the secular de-leveraging of the American consumer? (Unfortunately, pre-World War II data (eg, the Great Depression) data is hard to find.

The bottom?

Have we reached a bottom?  It will only be obvious in hindsight.

You're neurotic like a yo-yo

Buy, buy, buy, buy???? For the average stock (the current survivors), valuations are at generational lows.

No treasury bubble....yet.

Still worried about a deflationary sprial rather than inflation.

Defense.

It's not a good sign when "defensive" stocks keep falling.

On the precipice.

Seriously. This is the edge.

The canary on its last tweet?

To state the blatantly obvious: up or stable is good. Down is very, very, very bad.

An old saw..

Supposedly there is no such thing as a triple bottom.

Masters of the universe no longer.

Down, down, down for PE.

History Repeating?

Line in the Sand

Is this the most important juncture of the modern financial era?

The long-long-term

The $64,000 Question: is it conceivable that US equities will revert to the long-term trend?

A cauldron boiling.

Bubble, bubble, toil and trouble. If the commodities bubble truly is a bubble, don't expect a dead cat bounce.

Monkey see.

Human beings have a good and bad predilection of trying to distill the world into simpler patterns. Probably some type of evolutionary biological advantage that served our ancestors well. With that said, something to watch, a measure of risk-taking now v. 2000-2003. Is this analogy real or a figment of my hippocampus.

Waiting for Godot.

Watching the mortgage bonds and keeping one hand on the eject button.

The Big Picture

Dunno what to make of this except that the $NYA is still above its long-term trendline.

Disconcerting

If a meaningful bottom took place on July 15 and investors believed that Christmas 2008 and 2009 looked decent, the $Kospi should be doing better.

Two Americas

John Edwards can't keep his penis in his pants, but he is onto something when he talks about the "Two Americas". Alas in America they with sin cast a lot of stones, so Edwards will have to be on the down low for a while. Apparently it's a good time to spend $100 for a pair of jeans, own capital and spend at the $0.99 store. Look at the charts of the following:

I'm so bullish that I can't see straight (until I'm not bullish)

Foreign investors finally may be returning to US dollar-denominated assets. Lower commodities & higher asset prices ahead for at least the short-term?

Trying to call a bottom?

A proprietary index trying to divine that which is unknowable. You want a rally? Wait until the "canaries" are chirping again (assuming the components don't go into chap. 11 first).