Daydreaming in the Waiting Room

Sentiment is at its worst in a long time, traders are taking heavy losses, and supply has essentially transferred from weak hands that capitulated to stronger ones.

It's hard for us to expect significantly lower prices in the wake of the events of last week. As such, in yesterday's letter, we asked,  "Was that it?"

But, looking over shorter time frames, the overall picture is still a messy one.