Unemployment is up and existing home sales are down. Also down are prices in the stock market and yields in the bond market. The ten-year note achieved a 70-year low of 1.99% during today's trading.

The yield curve continues to flatten as the VIX bounces back into the 40+ range. Stay on the sidelines until these two conditions improve.

Historically low mortgage rates may help pull us out of this quagmire. Off-shore money has been flowing into the US property market this summer.