In any case, what I find myself thinking about most these days, when I’m not searching for emotional artifacts in the charts – is timeframes. Do we need to prepare ourselves for another year or more of stiff headwinds, or will the markets clear swiftly? As much as I enjoy a nice daytrade or weekend rental – inevitably this year long range will be broken. My work over the last month has overwhelmingly pointed towards a slouching equity market, a structurally challenged commodity sector and a fresh secular bull market in the dollar. In essence – another whiff of deflation. And while domestically I look around and could argue quite convincingly that our own economy has been wrung dry of excess capacity, a problem inevitably arises when you think about what will restore it if Europe applies asymmetric austerity and China stumbles.