Stocks. Stocks ($SPX as proxy) to have choppy sideways action into Feb of next year, then way down into May/June 2012, with a retest of those lows sometime in 2014. We are half way through a 20-year Kondratieff Cycle winter phase that began with the crash of the dotcom bubble in 2000, so lots of failing rallies for the rest of the decade. Markets only recover around 2020 – the buying opportunity of our lifetimes. Cash is king until then.
Bonds. I believe that bonds have just seen a secular peak. The US 30-year Treasury Bond ($USB) was around 136.4 on Aug 31. I believe we’ll never see that price again in my lifetime.
Gold. Gold ($GOLD) up for the next few years, with occasional sudden drops. It’s not a bubble yet, but of course will be at the end.