This pullback will happen over the course of the next few weeks. It should have been realized by the last week of July. Not everyday will be down 100 points like happened the last couple days. The dollar is weak, and although the euro looks weaker, they are both dead ducks. But US equities are heading further south.
The Heng Seng lost 3%. Europe has been down huge lately, some of their banks have seen 10% losses in a day. Italia has joined the news in talks of Euro default. The world is in disarray. Yet America will not escape any of its problems. The dollar almost made it to 77 on the DXY, but failed and is not down from there. Gold keeps trending higher. Oil has made comeback. Platinum is going for a ride. Silver is trending higher after falling a little.
Gold will stay where it is, above $1540 during this next pullback. Silver's support is at $34, maybe just below there. Oil has support at $92. Platinum around $1700.
After this pullback, there will not be another. If the debt ceiling is raised, the third leg of hyperinflation will begin, because it will give Bernanke the breathing room to POMO QE 3. If it is not, the pensions that have not been paid will never be, and all public provisions will cease. The dollar will die either way, one the quicker and the other the slower. The Fed prefers the slower because there are still pigs to fry, but either way, the end result is the same.