After a 4 to 7 percent decline in the major averages from their midsummer highs, the market appears to be in a bottoming process. This should eventually provide the foundation for a late 2005-early 2006 recovery during which those averages could moderately exceed, or at least challenge, their summer peaks.

After a 4 to 7 percent decline in the major averages from their midsummer highs, the market appears to be in a bottoming process, ... This should eventually provide the foundation for a late 2005-early 2006 recovery during which those averages could moderately exceed, or at least challenge, their summer peaks.

I'm left with the sense that this is a trading-range market, not a larger decline. The major averages are now coming down to their late August lows, which are presumably the low end of this trading range. There wasn't any real sign of a reversal yesterday, but support is nearby and downside leadership is poor.

North Korea is one of the major proliferators and it appears that they are busy proliferating again,

I don't think that market is going to decline or evaporate.

I think the overall market peaked on Sept. 29 when major steel makers hit year-to-date highs.