"By the Law of Periodical Repetition, everything which has happened once must happen again, and again, and again -- and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law... The same Nature which delights in periodical repetition in the skies is the Nature which orders the affairs of the earth. Let us not underrate the value of that hint." -- Mark Twain


Market Summary: November 23, 2008

LONG-TERM TREND: The very long-term cycles due to make their lows in 2012-2014 have taken over earlier than expected. We are probably at the beginning of one of the worst bear markets of the past hundred years.


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