Last week I took a short position against the broad market on Monday. As I entered this position I immediately posted a WSW Power Investor Elite bulletin. Two days later my indicators gave me a confirmed sell signal. I believe the bear is out of the box. The market may bounce a day or two after Friday's big drop, but the next 150-200 point move in the S&P 500 is down.

I posted a podcast on the website Saturday afternoon. In it I discuss the coming week for gold stocks, the recent WSW subscribers meeting in Vegas, and Stock Market Mastery - a stock trading course that I am putting together. To listen to the podcast click here.

The correction in gold stocks that began a month ago appears to be coming to an end. I put out a WSW Power Investor Elite daily bulletin alert notifying subscribers that I was buying several gold stocks yesterday afternoon.

Due to traveling and some projects I'm working on I haven't been able to do a podcast the past few weeks or update the stock picks list. As a result many of you have been asking me what some of my regular guests have been thinking about the market.

Note - we are making some layout changes to the website to try to make it more navigable and easier to find our postings. After looking at the website statistics hardly anyone clicks on the guest articles or news story links. They also take up a lot of space and distract from my articles and the blog posts. So I took it off the site. The goal is to simplify things as much as we can.

Note all US markets are closed today. We are going to use today to do some website maintenance and layout changes to make the members sections easier to navigate. Our new stock trading strategy guide is now available.

I'm sure you know that gold and oil stocks took huge hits yesterday. I discussed a likely commodity correction over the weekend and in a WSW Power Investor update yesterday gave some initial targets and explained what I'm looking for as a buy signal. We aren't there yet.

"We are now experiencing the first truly major crisis of financial globalisation. Never before have banks seen such destruction of their balance sheets in such a short time. Moreover, there are signs that the problems are spreading. The risk premiums on commercial property, consumer credit and corporate loans have risen sharply." Swiss central bank governor Philipp Hildebrand.

I hope you've enjoyed this free test run of my daily commentaries. If you have, please take a moment to sign up for the WSW Free newsletter. It's not a daily commentary, but it will give you a weekly update of my thoughts on the stock market and how I plan on making money.

Friday was a bad day for the market to say the least. I actually sold in the middle of the afternoon and took a small profit on the stock picks positions I bought in January. I had bigger profits earlier in the week so it was a bit disappointing to sell, but in bear markets you have to take what you can get.