Bear Market Rally Ended Friday

By: Hans Lysglimt

On Friday the S&P was down 2%, NASDAQ down 1.8% and the DOW down 1.7%. I predicted the rally would end last week, and I will call this as the end of the bar market rally. So, we feel somewhat vindicated.
This downturn would have continued in Asia, had the market been allowed to set it’s course.

But there comes Obama trying to prop up confidence again on Sunday in his speech, Asia rallies Monday morning. I wish Barack would join his wife and work on the White House garden more – it would be more helpful for everyone.

Yet, this confidence will not last – we have seen that many times. The speeches only hold for a day or two. I expect a major setback this week. That is a strong call, we’ll see.

Gold is holding up.
We are sticking to gold, and we advice you to do so as well.
As Mises said “Make your peace with gold.”

Make your peace with gold.

Oslo, Norway.
March 23. 2009
Hans Lysglimt

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