After the beating the markets took yesterday, today's advance was tepid at best. Anything's possible here, but I'd be extra careful. Apparently some hedge funds are in serious trouble. That's where the next cascade of selling will come from if it shows up soon. It COULD be as early as tomorrow. Commodity folks have been obliterated already. I don't know if you've been listening to our interviews or for how long, but we warned of that long before it happened. People laughed then. They aren't laughing now. The decline has further to go, in some areas more than others. I said oil would go back to $50-$60 when it was at $140. That wasn't a guess. That's what oil's chart suggested, and still does. Currency devaluation is about the only thing that can stop it now. This is what asset deflation looks like. It isn't pretty. The Fed is scrambling to try and reverse it. We're going to hear of more schemes and programs to save us all in the coming months, and even years I'm afraid. One day inflation will be our problem, and it'll be a big one. But deflation rules this day, and it's the Fed's worst nightmare. Up until recently they wouldn't even use the word. Instead of saying "deflation" they'd say "an unwelcome fall in the rate of inflation". No joke. I've been following this stuff for years. Anyhow, that's where we are tonight. Be very alert.