I wish to say what I have said repeatedly. After almost 50 years of technical analysis, one conclusion I have come to is that outside intervention cannot reverse a trend. It can accellerate, decellerate it or otherwise distort it but it cannot reverse it. The market has to turn on its own.. and when it is ready. As an example, during the great depression, prices bottomed in 1932. At the very depth of that depression the market turned on its own. Perhaps because things were so bad they could not get any worse. By nature, they had to get better. Then in 1934, I was born!!
Another noteworthy observation is that the bottom of a recession/depression is signaled by a revival of copper prices.
John Gambino
