• The portfolio closes a couple of picks.

• Little has changed in the last couple of weeks.

• The markets may be rolling
  over at a critical resistance zone.

D.C.

• Markets rally. S&P breaks out but key 1120 still be hurdled.

• Bonds make a new high and reverse. Bond rally over?

• Gold is even but silver rises and the precious metals stocks were up. Favourable seasonals but gold needs to break $1220 and $1250.

• Oil prices also broke out but $82.50 remains important. Possible targets to $95.

• Stocks fall in the face of signs that the economy is once again sliding.

• Bonds rose and the authorities will increasingly be caught between a rock and hard place as stimulus programs are having limited impact and the call for austerity programs grow. But if the economy is sliding once again as appears to be the case austerity programs will be the worst thing possible and increased stimulus programs will also be the worst thing possible as the debt continues to grow.

• The US$ fell sharply. The US suffered a debt downgrade at the hands of the Chinese. But North America ignored it.

• Gold was weak as deflation is now being perceived as the problem. But historically gold is a store of value in both deflation and inflation.

• Oil prices weakened on thoughts that a faltering economy will lower demand. The BP oil well has been capped but more serious dangers lurk below. “”””” See the special report on the dangers “”””””.
  We managed to slip in a few charts.

D.C.

• Markets were up small on the week.

• Evidence continues to gather that a major top for the markets may be in.

• Over the past couple of weeks the indices plunged to new lows.

• Losses were seen across the board and few were spared.

D.C.