why down, page-17

from march 2003 till august 2007 the smart trade was buy every dip

since then it's been sell every rally. and i don't see that trade ending in the near future

america's economy is right on the edge and the fed is about out of tricks or cards to play.

there are 18 million unsold homes on the market in america. that is about the entire housing stock of australia and a huge inventory to work through.

i do not buy the decoupling theory. if america falls in a hole, very few will be spared the consequences.