Notes the VIX never got above 30 during recent decline, which was strange. Fixed income spreads have been widening significantly (HY up 60-70bps), while ABS/CMBS have been stable safe havens.

Today's market action is good after a weak Friday close. The market is in a revaluation phase. Money has been hard to make this year.

For the long haul, still wants to be in commodities and have a gold position. Current level is a very good opportunity to add to gold and commodities.

Not terribly enthusiastic about credit or stocks. Doesn't think they're cheap enough. Would want to see VIX go higher to signal a real washout in the stock market.