Just tuned into CNBC World markets to gauge how global markets are reacting to the Bear Stearns giving up the ghost combined with an emergency Fed rate cut, and am pleasantly surprised to see that while everything under the sun is trading down 4-5%, PM stocks are generally up by the same amount.

PM shares - at least the majors - have been outperforming all other markets lately and this shift in sentiment into true time-tested quality assets is gradually taking hold in the minds of investors as weeks pass by and financial conditions worsen.

Take heart folks as our time under the sun may have arrived. Deteriorating fundamentals trump Technicals & Cycles in the face of uncertainty, so watch the small caps carefully this week. The Juniors could start the journey on a much sharper uptrend even at a time when cycles indicate they should otherwise be consolidating sideways, everything being equal. Things are unravelling faster than I had imagined so be careful if you are trading in and out of PMs.