The Dow, SPX and Naz all made new lows this morning confirming the downtrend, and the Nasdaq is closing in on the 40% off mark.  Is this the beginning of a “third of a third”?  If so, it’s showtime for the bears.  This aligns with the Rambus position outlined in his weekend report.

There are others that think this is the end of a three wave correction.  The (III) on this chart is the all time high.

And market rates are going to the moon, which means the Feds will continue raising their rates.  This makes me lean toward the Rambus bear position.  I would like to see a little more “chaos” in the market to confirm the bear case – third waves of a third are normally impressive and this decline has been too orderly to this point.