).

With the S&P/TSX Composite having lost nearly 1,000 points last week, this is the bottom line. We’re seeing too many panic

headlines. Investors have to start looking through the valley. The cause goes back to housing and credit woes. Yet,

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has been on a tear in recent weeks. U.S. homebuilders have bounced off their bottoms. The leading U.S. market

sectors this quarter have been consumer and financials stocks. Do we let the pain paralyze us or do we use this market

weakness to do something? We say bring it on!

The market is trading in capitulation mode, like we saw in March. Isn’t this the ultimate buying opportunity? Isn’t it a little late

to be selling? Stocks have already priced in the negative news. Every comment we’re seeing is rear-view mirror stuff. It’s time

to look ahead and push forward through the abyss. We are going to emerge out of it.

Fear is out there, and the reason is that up until now, even though the market has been trending down, inverse relationships

have existed. Financials versus commodities. Airlines versus energy. Now everything is down at the same time. Stocks as an

asset class are down. Fear is at its maximum.