The Loonie broke out of the wedge I mentioned last week.

The Yen is making new highs but I think it is setting up for an historic shorting opportunity. Watch for a reversal.

Commodities have had a nice run off the lows since early July. I would look to buy any dips especially if the Fed announces new easing.

I flagged the international bond etf as a potential bullish play in early July around the 54 level. It is now approaching the all time high around 60. A pullback would not be surprising but if the Fed announces further easing measure, it could just blow through to a new high.

We are still long emerging market bonds in our fixed income portfolios but I am as nervous as a cat in a room full or rocking chairs.

I feel the same way about corporate bonds. If the Treasury market shows a fear of deflation and a double dip,what the hell does the corporate market tell us?

TIPS have broken out to new highs.

The Israeli market had a nice move last week and might be ready to resume its uptrend.

Canadian stocks are mirroring the currency.

If the Fed does ease the Hong Kong market is a natural beneficiary since the HK dollar is linked to the US dollar.