The Dow is down 3.8% in October. And it's the best-performing of the stock indexes. The S&P 500 is down about 4.7% on the month. The Nasdaq has dropped 7.4%. Dow Transports have plummeted 8.3%. And the Russell 2000 has suffered a 9.2% decline. Now, if you want some good news, look at gold. It's up about 3% this month. But all in all, there is a lot of gloomy news on Wall Street.

All of this doom and gloom led Peter to ask an important question in his latest podcast. How many canaries have to die in the coal mine before the mainstream wakes up?

The dollar has gained a little ground as bond yields have increased, but Peter said the dollar is ultimately going to turn around when people realize that the US economy isn't nearly as strong as is generally believed.

The Federal Reserve released the minutes from the most recent FOMC meeting last week. The Fed continues to express extreme confidence in the US economy and maintains its stance that it will continue raising interest rates.