Commodities

Copper/ weekly

1) This is a bear market as Dr. Copper breaks below 3 key pivot points

2) The fundamentals (rising interest rate pressures) are NOT supportive

WTI Crude Oil/ weekly

1) The fundamentals are bearish for crude oil and the technicals have been supportive

2) This means we are NEUTRAL on crude oil

3) And we should expect range bound trading controlled by overbought/ oversold conditions — we are currently overbought and fading fast

Precious Metals

Gold/ weekly

1) We remain strongly bullish

2)The fundamentals and technicals are supportive

$GDX/ Gold Miners/ weekly

1) A close above the highs of the positive divergence bar (red labeled) implies that the downtrend is over (I stated this months ago)

2) Prices have broken above the 23.57-23.77 resistance level and this is bullish

3) We are bullish on gold as well

4) Prices are at resistance (27.06)

Silver/ weekly

1) This is a double bottom with support at $19…HOW MANY TIMES HAVE I SAID, “BE A BUYER AT $19″?

2) Are you a buyer at the 40 week moving average?

Currency

UUP/ US Dollar/ weekly

1) Failed breakouts are never good

2) This is going to 2011 lows at $21

FXE/ Euro/ weekly

1) “Ready to breakout” was the last thing I said several weeks ago

2) Headed to $141

Putting It All Together

1) The big news: Copper is breaking down and a likely sign of weakness in the global economy

2) Economic weakness means lower Treasury yields which should benefit gold, silver and GDX 

3) The EURO is headed to 141

4) The Dollar is headed lower