Housing is dead. Retail already rolled over. I took most of my equity positions off the table over the past few days... even the energy equities. I am just too afraid of really, really bad news coming from B.P. and the G.O.M. It comes down to 2 relief wells being able to intersect the well BELOW the damage point. Though perhaps more likely than not, this is by no means a certainty.
Say, 60/40 in favor. What if its the 40%? What if the well cannot be intercepted?
Deflation appears to be gaining the upper hand for the medium term (it has been winning overwhelmingly in the short term).
This is not a market call. Markets can do weird stuff in the short term... but it pays to watch shipping.