MACRO: What we have here is the monetary inflation which the fed and the banks world wide are trying to fight by raising intrest rate. In past few years the growth of the so called "hot money" had contributed to all the global economic growth and since the growth can't go on forever, and hence the signs of slowing global (and american to be specific) economy the fed and the banks worldwide are raising the interest rate and cutting back on money supply to counter the inflation. What I see in the next 6-12 month is the considerable slowdown in american economy with dollar loosing its value against Euro and Yen (basically the fed raising interest rate at faster pace in last few months is the only reason dollar had been appreciating against other forex and we can expect at most one more rate hike by the fed, I think). The price of gold and other precious metal will rise with falling dollar and unceratin economy. Buy only mid- and large- cap industry stock which have already been proven to outlast economic depression. Sell speculative and emerging market.