Last year in 2008 we had a poor start to the markets and we all know how the rest of the year traded. If that was not bad enough, the chart below shows that markets are off to their worst start in history in 2009 and, in fact, the losses thus far are double those seen in early 2008.

With earnings season expected to be quite bad over the coming days, I cannot see much chance of this trend reversing. Many people have high hopes for the Obama Bounce next week but if it does occur, it will not be based on improving fundamentals whatsoever.

Should another major leg down transpire in the markets over the next few weeks, this just might be gold's time to decouple from the carnage. Its time is due and it is coiled.

We shall see - VHF

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