I'm short the equity markets right now from today. I sold into this rally. I'm short gold into this rally and I'm obviously still short crude oil. I'm still looking longer term for that 40 to 60% haircut in the markets. I do think that we're going to go into a bear market.

We saw these same warning signs during the internet bubble which collapsed in 2001, and during the housing bubble which collapsed in 2008.

Oil was very overpriced with a tremendous amount of fear premium built in. December crude is trading under $70 a barrel. Now that there's some resolution, that fear premium came flying out. We're back to trading the overall economy, which is not very good. Oil prices should drop. I would think oil will be back in the 60s before the third quarter.

The forward curve tells you where oil should be priced. It is still overpriced here.

We're in massive inflation and we're losing jobs. You're putting yourself in a position to go into stagflation, which is a much bigger problem. The last time we were in stagflation was in 1979 with Jimmy Carter.

Only 2% of the world's oil travels through the Straits of Hormuz. We're going to get back to real supply and demand, and the demand for oil is not really there.

A lot of the tech stocks are still overbought. Nvidia is probably overvalued. I think the markets are in trouble. This rally today would be classified as a rip-your-face-off rally. I think we're going to take out the recent lows and continue to go lower.

The lack of jobs, defaults on cars and mortgages, people that can't pay their rent. In a K-shaped economy, only the upper end thrives. Tourism in Las Vegas is down 10%.

I think they're out of their mind. This market's setting up for a big sell-off. You have too many warning signs, even going back into private equity and private credit. You can't get redemptions from BlackRock. The banks are over-leveraged once again.

The warning signs are very clear. We saw these same warning signs during the internet bubble and the housing bubble.

I think the rally's over. I don't think they're going much higher than where they are right now. I'm short the equity markets right now from today. I sold into this rally. I'm short gold into this rally. I don't see this as a meaningful rally.

The fundamentals of the market have not changed. The overbought conditions have not changed. The CAPE index was over 40 a couple of weeks ago; the mean is 16.

I think the economy is weak. I think we're in a partial recession and probably going into a deeper recession. I think there's a lot of room to the downside and very little room to the upside right now.

I think it's very similar to 2008. It's another warning sign showing you can't get your redemptions from BlackRock. The banks are probably in a little bit of trouble as well. We don't get that information until it's too late.

Very much like what Paulson did in 2008 when he said the banks were safe and sound, and then in October they were no longer safe and sound.

I think gold put a great bottom in at 4100 a couple of weeks ago. I think gold is going much higher again. I think there's an outstanding chance we could see 6000 before year's out if not more. I think silver is going to start to move up again as well.

Gold is the inflation hedge. It's the hedge against dollars. The fiat currency system has nothing backing it. The debt that is continuing to be created will bring the rise of the price of gold.

I think the dollar's going to be stuck between 96 cents and a dollar two. It's still the reserve currency. The only thing that will drive the dollar much higher from here is fear.

World countries put money in the US dollar when they're afraid.

I don't think they can cut rates. They've worn themselves out. They've cut rates 200 basis points, the 10-year notes are up 400 basis points. The pass-on to the consumer has not worked. The Fed is kind of out of bullets unless there's a real emergency.

The rate cuts do not transfer to the consumer. They are strictly for the bank. Mortgage rates are still north of 6%.

I like being short right now. I do like the grain markets quite a bit. I'm long grains. I think the grains are very strong. I always love gold, silver, and platinum.

I'm expecting a 25 to 30% rally across the board in grains. The inflation trade will kick in. The high cost of fuel and fertilizer is hurting farmers. Farmers are planting at a loss right now.

I think there's going to be a lot of trouble. There's a lot more homeless people. There's a lot more people that are having to size down. There's a lot more people building massive credit card debt.

Credit card companies allowed them to extend payment out into 2027 with no penalty, but all they're doing is building up more debt. You cannot go bankrupt on your credit card.

For me to get overly bullish, I would need a pretty substantial sell-off. We would have to test last April's lows, which is like 5200 in the S&P. I still believe there is a 40 to 60% haircut coming to this market.

I'm still long the market, but I'm hedged. I'm always 100% invested and hedged.