Assuming you're like me and live in the United States, you're no stranger to the fact that the US investment climate hasn't been very good lately. That's a bit of an understatement, I know. Sorry, it's early in the week.

Anyone out there still trying to time the market? Buying on dips? Where are you finding additional funds to invest? Last week the NASDAQ ended a 9 day losing streak. The next day it resumed its succession of lower closes. How do you decide when you've reached the bottom of a dip?

One of these days we'll get around to making it official. It takes a committee to decide, and they have guidelines, but soon they'll say the word. Recession.

Until they do the US markets will remain ugly. They may stay that way until well after economists make the recession proclamation. Me, I'm focused on whether this recession stays at home or goes global.

Outside the US you won't find much talk about recession. Foreign banks are holding interest rates steady, the UK's central bank is even discussing raising interest rates. Our mortgage and banking fiasco, along with our poor energy policy decisions, has brought this one to our door.

I'm watching this one closely, because I think this recession may well be the first US recession to be serious enough to affect the rest of the world yet not spread globally. If that's the case, money invested in foreign markets should continue to do relatively well.