RE: I have been following this one since Dec 2009
Art,
I think Grandich is basically right -- Part 2 of the storm is just getting started. He's not alone -- Casey Research has the same view as do many others. But forget the "experts" for a moment -- common sense says that the broader S&P market is overbought and that another leg down is inevitable. Foreclosures again nearing all time highs with the bulk of the Alt-A and ARM mortgages just now starting to reset, commercial vacancy rates at all time highs, real unemployment at over 15%, etc. Not to mention the impact that the Gulf Disaster has had on many people's bottom lines, especially in the deep South.
There's a good article on how gold stocks will do vs. the broader market that I included in my June 28 post on this board. IMO, if you haven't already read it, that would be a good place to start. For what it's worth, I also gave my thoughts in that post on how to handle Part 2 of the storm -- lots of cash supplemented by precious metals and O&G stocks that you believe are "best in class". Then batten down the hatches and wait for the storm to lay waste to otherwise good stocks and snap them up at bargain prices at the right time (it's knowing when the "right time" is that's the trick).
GLTA.
JL