Stocks continued to skid lower again last week as the Dow and S&P 500 posted new 2-month lows while the Nasdaq Composite plunged to a 9-month low. The dollar rebounded smartly while gold slipped well under the psychologically-important $400 level. And crude oil futures finished the week out at their highest close in forever.

But hey, don’t worry! Those high oil prices are just “transitory” in the words of our fearless Fed chief. All those Arab states who are simply giddy about our setting up shop in the middle of their territory are looking forward to increasing output and lowering prices as a gift to their favorite folks, the American government. Who wants all those fat oil profits anyway?

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Stocks bit it again last week as the major indices all plunged to new 1-1/2 month lows. The dollar fared no better with the Dollar Index finishing the week out a 3-1/2 month low while gold chopped around well above the $400 level. Crude oil futures, obviously on a long-term mission to make the so-called “experts” look foolish, exceeded $41.

Lately I’ve been getting hate mail from some folks for “never” having anything bullish to say. Ever-eager to serve the public as I am, I thought I’d save those folks some trouble by mentioning straight off that this here’s gonna’ be another bearish one.

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Stocks fell last week as the major indices put in new 1-1/2 month lows. The Dollar Index broke down as well, skidding to a new 3-1/2 month low while gold rocketed through the $400 level. Crude oil, forecast to continue falling by the same “experts” who forecast a post-Iraq invasion price of $25 and obviously got it all wrong yet again, revisited the $40 level.

Last week saw the S&P 500 break decisively below its recent narrow congestion pattern, making it clear that new “bull market” highs are likely not in the cards. In fact, what has become increasingly likely is a test of the mid-May low around 1076.

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