Casey calls this the greater depression.

Other analysts are a little more divided. Some seeing signs of a recovery others seeing none.

I am being very cautious here. I think this is a bear market rally and I am reducing positions bought at lower levels into this rally. I think caution is in order.

The main question mark to me is the US dollar. Does it strenthen on the next downleg or does it get weaker. I will wait and let the market tell me where it is going. I am prepared to quickly add short positions to protect myself.

This is a treacherous market. Be careful.