There's no doubt that the U.S. is in a recession. The Fed will continue to cut interest rates and the U.S. dollar will continue to soften, which could send oil prices substantially higher. Things are so bad that in my home state of Nevada, Las Vegas gambling revenues in January declined by 1.3%. That's the first time that gambling revenues have declined since 2001!

Complicating matters is that Nevada's sport books incurred massive losses from the biggest betting event of the year, the Super Bowl. Apparently, the vast majority of the Super Bowl bets were on the New York Giants, so many sport books had their yearly profits wiped out by just one game! This is not good since the casino industry has traditionally been immune to economic cycles.