Is Someone Ringing A Bell?

This week we address the question of whether the stock market is forming a top, take further looks at Fed policy and the unemployment rate and see if there is a connection. I think there is. The relationship is less subtle than it might appear. At the end of the letter, I ask for some help from those in the media (or who have friends in the media) in arranging reviews (and interviews!) for my upcoming book. And in response to readers, I start the process of putting a gold information site and links on my web site. I ask you to tell me your favorite gold and precious metal information sites. There's a lot to cover, so let's get started.

Is Somebody Ringing A Bell?

The old line is that no one rings a bell at market tops and bottoms. Of course, in hindsight, we all imagine we heard the bell and wish we had not ignored it. Even Warren Buffett is not immune from Monday morning quarterbacking his own decisions. He tells us this week in his annual letter:

"We've found it hard to find significantly undervalued stocks...The shortage…