Don't get me wrong, I have a lot of respect for JP. He got a lot of things right: he called the housing bubble from miles away (when it wasn't fashionable to do so), he's pretty much been on the money in terms of forecasting Fed interest rate movements. His oreo theory was close: first the Bear Stearns outer shell at the beginning of the year, then a "creamy filling" which was mitigated because of the price of oil going through the roof, then the outer shell arrived with Lehmann, AIG etc.. and the $700 billion bailout.

He also exactly predicted the moves helicopter Bernanke & fellow CB's would make to inject liquidity into the system. All this has unfolded very closely to his model. Where he went astray was to miss the recent dollar rise and collapse in commodity prices due to hedge fund deleveraging. Who would have imagined we'd be sitting at $60 oil & $730 gold with the dollar index back at 86 just as the printing presses are ramping up and the Fed balance sheet is jumping exponentially? This has got to be temporary, and a great buying opportunity as far as I'm concerned. I've often looked at the junior charts from 03-04 before the last big move up wishing I had been in then. I think we are being given another geat opportunity here, and am even going into debt to take advantage of it.

I think JP will be proven right in the long run, but doing a 3 hour weekly radio show, he's bound to get some of the short term moves off.