With a close below S&P 1040, next stop is 900. But the world's not ending, the market just has to go through a few weeks of revaluing everything to take into account that forward earnings are going to be weaker after all.

http://www.hussmanfunds.com/wmc/wmc100628.htm

John P. Hussman is calling a recession. I mean, another one, imminently, like now.

I'm still holding my CMM and SVL, because the short-term catalysts for price appreciation are there. But I also have some cash on hand, and can also go begging for some margin. :-)

Be warned - a few people I read are calling for a short-term deflation and drop in gold price. Not, permanently, but still enough that it's not yet justified to value gold miners beyond $900 gold.