A late drop yesterday in the market ended a four day rally, the best rally we’ve had so far this year. The S&P 500 rebounded from twelve year lows last Monday, and gained nearly 12 percent in the four day stretch from last Tuesday to Friday; and it’s looking to continue its run today. Gold prices ended up about flat over the four day period, suggesting that investors are feeling somewhat more optimistic about the economy and seeing less appeal in gold as a safe haven, but aren’t quite ready to abandon the asset yet.Read more...

It was another tumultuous ride on Wall Street last week. Disappointing third quarter earnings reports from major companies such as Boeing and AT&T worsened investor pessimism and led to another stock price tumble, wiping out gains last week. All the major U.S. indices took deep dives before today's rally the Dow was down over 5%, the S&P nearly 7%, and the Nasdaq almost 10%.

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The rout in commodities and equities continues. No doubt you're feeling the pain from the water torture that this deep correction has wrought every bit as much as we do. Unfortunately, declines such as the one we're experiencing can be deeper and go on for longer than one would reasonably expect. However, we take comfort in the knowledge that the secular bull market in commodities remains in place and that the downside risk from here is dwarfed by the upside potential in the coming months and years. You should too.  

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