Gold was one of the few assets to appreciate last week. Not exactly good news.

General commodity indexes did not fare as well. GSG is back to testing the June lows.

I guess we can finally say the REIT bull market is over. It was only a matter of time.

Crude oil finally cracked, joining most everything else on the downside. There might be some minor support in this area but our longer term target is still around $70.

The CRB sliced right through the 50% retracement level. Next stop is around 310.

Somewhat suprisingly, the US Dollar stayed in its previous range. Whether than will remain true after the S&P downgrade remains to be seen. We've been looking for a dollar rally but the longer it doesn't happen the less likely it is.

The 10 Year Treasury Note yield fell to the long term uptrend line. It might take action from the Fed to keep it from breaking down further.

Emerging market bonds, like all risk assets, took a hit at the end of the week, but the uptrend is intact.

Muni bonds were higher on the week as investors sought safety. I'm not sure these are as safe as people think but relative to stocks....

Brazil is officially in a bear market.

Japan had been bucking the trend a bit until last week when nothing was spared. It still looks better than most markets from a technical standpoint.

The S&P finally reached our target of 1220 - and blew right through it. What now? I think there is some support in here and sentiment is extraordinarily negative so a bounce may be in the cards soon. Other than that, frankly, I have no clue.

The VIX spiked last week but a higher spike near 50 is probably coming. If we get it, all you contrarians out there will need to screw up your courage and do some buying.

The Euro bounced Friday as a US debt deal looked increasingly unlikely. If - when - a deal is done, it probably test the 200 day MA. And I think it will fail. The problems in Europe are not over.

This is what recession fear looks like - a flattening yield curve as long term yields fall. Despite the flattening, the yield curve is still historically steep. No recession - yet.

The Australian $ made a new high last week. Considering the potential for a China slowdown, I don't think this makes much sense, but fear makes people do strange things.

The Yen also captured safe haven bids and made a new high. Japan has a more severe debt problem than the US so I don't think this one makes much sense either. Are markets rational?

Gold stocks took a hit despite the metal making another new high. The index is just above the 50 day MA but I don't trust it. If these stocks can't rally now, when?

Gold made a new high on fears over the debt ceiling issue. Until gold ends this uptrend, don't expect much good out of the US economy. When it does fall though, look out below.

Commodity indexes fell back last week despite the gold rally. A debt deal and dollar rally will likely see the downtrend resume.

The REIT uptrend is in serious trouble. I've tried to call a top here before and been wrong but nothing grows to the sky. Keep in mind that REITs are dollar senstive. A sustained dollar rally would probably be the final nail in the coffin.

Crude oil sold off on the weak economic data but held just above the 200 day MA. I think a downtrend is developing and a break of the 200 day for good is only a matter of time.

Mortgage REITs have taken a big hit on funding fears related to the debt ceiling debate and a flattening yield curve. Expect a big rally when the debt ceiling is raised.

Ten year Treasury yields fell hard last week. The obvious target is the rising uptrend line around 2.5%. That's a scary thought.

Emerging market bonds are overbought and due for a pullback. I'm getting very nervous holding these but not selling yet.

TIPs continue to make new highs. Fear of QE 3?

Asia ex-Japan was down last week but not much. Still holding above the 50 and 200 day MAs. Could be setting up for a significant relief rally.

Brazil's been going sideways for almost two years now. Base for another big move higher? Or a long term topping process? My vote is for the latter but I'll let the charts speak for themselves.

Emerging market stocks barely hanging on above the 200 day MA. I'm very worried about a China slowdown and its effect on emerging markets but a relief rally with a US debt deal is probable.

Japan looks ready to resume the rally.

The small cap Russell 2000 briefly broke the 200 day MA. This looks like an emerging downtrend but the bounce will have to be evaluated.

The S&P 500 also briefly traded under the 200 day MA. Again, the bounce will need to be evaluated. I think we'll need better fundamentals for a new uptrend and that doesn't look likely right now.

Regional banks shares might be making a bottom here but there is a lot of resistance to overcome.

The Euro has so far refused to breakdown. The Greek deal last week just kicks the can down the road a little further though. The Euro is still vulnerable.

No followthrough on the gold breakout. I still think this might prove to be a short term top, but there is nothing technically to indicate that. Watch the dollar.

The GSCI ETF is still struggling for direction but at least it is back over the 50 day MA. Resistance is right overhead though.

REITs right back at the high. Someday people will figure out these are fundamentally overvalued but apparently not right now.

Crude oil is back over the 50 day MA and near $100 again. Resistance at 102-103.

The US dollar had a bad week but is still trying to make a bottom. A break out of the bottom of this range would be very, very negative for the US economy. It would positive for gold and other hard assets though.

Emerging market bonds have resumed their uptrend after a brief consolidation.

Muni bonds also resumed their uptrend. Meredith Whitney? Who's that?

Asia ex-Japan is attempting to rally but it's at resistance. I'm skeptical.

This is looking more and more like the beginning of a bear market for Brazil.

The EAFE rallied last week as Europe moved higher on the Greece deal. It has held the 200 day MA so far and that is a positive sign. Still, I would be cautious as the debt situation is not resolved.

Europe rallied but this still looks like a downtrend.

India held the initial test of the 50 day MA. I think this looks constructive.

Japan continues to outpeform the rest of Asia. Slightly overbought here but would buy the dips.

NASDAQ had a nominal breakout last week. Will it last?

The S&P 500 had a good week but technically it means nothing. So far, just a rally in a developing downtrend.

Crude tried to rally but failed to close over the 50 day MA. Still looking for lower prices.

False breakout in gold? I am conflicted as I see the dollar as bullish; that should mean lower gold but....

The dollar is still trying to make a major bottom. The sideways movement the last month should be resolved soon and I expect it to be higher.

Ten year Treasury yields dropped last week and appear headed for that long term uptrend line.

Foreign bonds are rolling over and if I'm right about the dollar, have considerable downside.

High yield bonds failed to follow through on the breakout from last week. This still looks like a topping pattern.

Emerging market stocks have done absolutely nothing this year. The problems has been inflation and their central banks efforts to control it. It doesn't appear they've won the battle yet.

One emerging market that continues to intrigue me is India. The market challenged the 200 day MA, pulled back to the 50 day and has held so far. In addition the slope of the 50 day is turning up.

The Japanese market continues to act well - with government support.

The S&P took a hit last week as the politicians squabbled over the debt ceiling. This could be a big broad top or a consolidation that leads to new highs. That will depend on policy and no one can predict that these days.

Broker/dealer stocks have broken down again. Usually not a good sign for the market.