Equity markets around the globe have been decimated. The message -as we read it- is that we are looking at a global recession -ahead of us- that will be steeper and longer that the "experts" are predicting. If that is true, look for the U.S. markets to continue sliding into mid-Spring of 2002. Which incidentally is what we predicted on 8-25-00! (see weekly reports for Q3-2000)

In addition, other broad US Indexes such as the Russell 1000, and the Wilshire 5000, are well below their 50 month MAs, indicating a) the depth of the bear market and b) it will take more than a 3 week rally to re-establish a bullish trend.