<p>The abstract idea that there are economic 'slowdowns' that will hurt investment is coming home to roost. CAT, already beaten down from a high of about $105 or so, seriously slashed rev. forecasts again, and will lay off 10,000 workers. Stock down 6+% to about $65 (I'm a minor bagholder, but still a bagholder :-(  As I've said the basic underpinning of economic growth is sending a very different signal than the overall market has been conveying all during the recovery.  The late-market action is shrugging off this news, and is well off the lows. But this kind of thing can only be ignored so long. Gold is bouncing up about 8% today. I was right about a 'recovery bounce', but didn't have the conviction to buy. I still think under $1k/oz., it'd be worth a flyer.</p>