The S&P regained the 200 day MA but there is resistance just overhead at the 50 day MA and again at 1150. We may have put in a bottom but a sustained up move will have to wait.

The Euro rallied last week but it means nothing for the technical picture beyond relieving an oversold condition. The downtrend is intact.

Gold stocks got extended to the upside last week. Don't be surprised by a pullback but I expect the uptrend to continue until the uncertainty surrounding future economic policy is relieved.

High yield bonds have recovered much better than stocks.

And emerging market bonds have nearly recovered the entire correction.

The Chilean market is a bit extended but the downtrend has been broken decisively.

The Peruvian economy and market have proven very resilient.

Colombia made new highs last week. There's always a bull market somewhere.