There are no comparisons between The Great Depression and today's The Great Credit Crunch. The Regulators were like the Three Blind Mice saying that they didn't see it coming.
US Treasuries are on the rise. Gold looks toppy. Crude Oil hits resistance. The dollar stabilizes. Dow Theory now positive. The BKX defines a range for financials.
My conclusion is that FOMC does not know how to conduct monetary policy during The Great Credit Crunch. The Textbook covering this experience has not been written yet.
The economy is losing higher paying jobs. Higher yields don't help, while commodities and the dollar become range-bound. The 200-day is a line in the sand for the Dow at 13,054. The S&P, NASDAQ, Russell 2000 and SOX are below their 200-day. Transports are the anomaly.
The Dow is below its 200-week simple moving average at 11,672, and my second half target is 10,747. The China 25 is in a Bear Market. Crude oil at a new all time high continuing the infating of the Speculative Bubble. HGX & BKX show no "lights at the end of the tunnel".