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<p>[QUOTE=&quot;Ainslie Bullion, post: 2226174, member: 75209&quot;]After shedding nearly 60 points or 3% Tuesday night, the S&amp;P 500 regained 35 last night or 1.8%, ironically spurred along by more poor economic data out of the US, meaning less likelihood of Fed tightening (bad news is good news for pretend markets).&nbsp; Whilst there is no doubting the volatility of markets at present there is plenty of debate around “correction”, “bear”, or “crash”.&nbsp; The S&amp;P500 is now down 5.3% this year (by the way gold is up 11.1% and silver up 8.9% in AUD terms), that’s nowhere near the 20% required to be technically a “bear”.&nbsp; So where to from here?&nbsp; These 3 graphs tell a compelling tale… (oh and why just US share talk?&nbsp; Because whilst the rest of the world is going backwards, the US is supposedly our saviour…. You make your own mind up…).</p><p><br /></p><p>First – crossing ‘the line in the sand’…</p><p><br /></p><p><img src="https://www.ainsliebullion.com.au/Portals/0/s&amp;p%20trend.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> </p><p><br /></p><p>Second – as we keep harping on – these are not values based on fundamentals – just an easy money bubble… (Google CAPE – it’s the more instructive P/E measure out there).&nbsp; You only need one hand to count how many times it’s been higher…</p><p><br /></p><p><img src="https://www.ainsliebullion.com.au/Portals/0/s&amp;p%20cape.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> </p><p><br /></p><p>Third – they don’t call this the “death cross” for nothing…</p><p><br /></p><p><img src="https://www.ainsliebullion.com.au/Portals/0/s&amp;p%20death%20cross.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" />[/QUOTE]</p><p><br /></p>

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