Mike Shedlock was talking about the coming contraction in employment that should serve as yet another indication of the expectation for lower business profits in the coming quarters.
Jeff Cooper was talking about market periodicity (aka Gann Theory) and gave his take on how long it could take for us to reach a bottom in his Friday article, Snowball from Hell
I recommend reading Kevin Depew's Five Things You Need To Know: Bailout Passes, Stocks Limp
It appears the credit crisis has finally consumed Europe as much as the US. And those arguing that all the terrible economic data would result in a weaker dollar are still left scratching their heads. The dollar is strengthening vs. the Euro again tonight, and that is a trend I expect to continue. It remains to be seen how the EU and the ECB handle this crisis together. I have very serious doubts as to them being able to do it without bickering with each other. I doubt the Euro makes it out of this crisis in one piece. That makes for a stronger dollar, and will likely also be an upside catalyst for gold. Welcome to deflation.
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