"We cannot expect that all nations will adopt like systems — for conformity is the jailer of freedom, and the enemy of growth. But however close we sometimes seem to that dark and final abyss, let no man of peace and freedom despair. For he does not stand alone. If we all can persevere, if we look beyond our own shores and ambitions, then surely the age will dawn in which the strong are just and the weak secure and the peace preserved."
John F Kennedy, Address to U.N., September 25, 1961
US equities as represented by the SP 500 are in a cascading waterfall decline that may not reach a genuine bottom until it reaches 640. If the US dollar starts falling with stocks and Treasuries we may see a capital flight that sets up a decline that may not bottom until the SP reaches 444, with high volatility and sharp rallies along the way. The rally from the final bottom will be tentative and slowly expansive with a modest slope.
