President Obama may not like "austerity" but the currency market doesn't seem upset. The British Pound looks like it may have made at least a temporary bottom.

The Canadians are hosting the G-20 meeting this weekend. The world economy would be a lot better off it the rest of the world managed things more like the Canadians. There are some concerns about the housing market but otherwise the Loonie looks pretty good here.

The natural gas etf looks to have held first support. With crude oil suffering a reputational crisis due to the BP spill, Nat gas may become more the fuel of choice.

Gold stocks on the verge of breaking out.

An emerging uptrend in the commodity indices?

REITs still acting better than the market as a whole.

Copper broke the short term downtrend but faces a lot of overhead resistance. Are the worries about a double dip starting to fade?

Sugar appears to have made a bottom. I have no idea what the fundamentals are but technically it looks interesting.

The US dollar index is sitting on support. A weaker dollar would probably be welcomed by equity markets at this point.

Corporate bonds are overbought; expect a pullback. By the way, the performance of corporates gives a lot of comfort on the stock side. If we were really headed for a double dip I don't think corporates would be acting this well.

Mortgage bonds are absurdly overbought.

Brazilian small caps are holding above the 200 day MA. The small caps are more concentrated on domestic demand in Brazil.

Chile remains one of my favorite markets. It stalled at the old high but I expect it to break out to the upside.

The Israeli market is trying to make a higher low. I like the economy despite the political situation.

Peru, like Chile, stalled at the old high but the economy keeps on keeping on. I expect new highs.

One of the few technically attractive markets in Europe is Sweden.

US small caps look better than large caps.

Is this VIX making a series of lower highs? Hmmmm....