Market update 7/10/08

OK, so I missed my deadline by 24 hours. Seeing as I own this here establishment, I'm going to let myself off with a mild verbal reprimand. There's not much good news to report. Friday saw the second largest bank failure in US history. Wednesday saw the S&P 500 hit the -20% mark, thereby confirming a bear market. YTD the Dow is down 16.3% and the NASDAQ is down 15.6%. The chief economist at the S&P is predicting a 16 month recession. I'm beginning to wonder if even commodities other than gold would be a wise buy. I looked over the gold stocks and the only one I found to my liking is based in Toronto. It was just last year that I was promising myself I would not buy another Canadian stock as long as I lived. The marketedge.com historical model still shows a summer rally is imminent. They say all it would take for that to happen is a big drop in oil prices AND a turn around in the financials. Yes, wouldn't that be nice. With the dollar sure to go lower, even cash is a loser. The only thing missing here, is news that the black helicopters are coming for me. This is looking seriously bad.