It was a difficult week for the markets. The Dow lost 4.1% the SP 3.7% and the Nasdaq 6.5%. Could this be another dip to be bought? Anyone who has not bought dips this year has been crucified, can this dip be different? Some seem to think that not all is well this time. A lot of write downs, a lot of rumours, like the one that suspended Barclays when it lost 9%, or the fact about Etrade that removed 55% of the market cap.

Banks like Morgan Stanley and Wachovia announced losses and expected increased in loan losses in the fourth quarter. Rating agencies have already downgraded 70 billion in subprime CDOs but further downgrades are on the horizon. Consumer confidence is not well, with oil prices near 100 USD per barril and a falling dollar. The yen continued its strong rally trading as high as 110 and the Swiss franc rallied to 1.11 the highest level versus the dollar since 1995.

Mr Doleschall increased his gains to 721% and keeps the first place of WTI. Following Doleschall is another Hungarian, Tamás Czajner with gains of 407%.