Commodity index ETFs are at support and need to rally here. If they don't that says a lot about the economy and the dollar.

If the big fear is a renewed recession, why is copper so damn expensive? The talk of deflation and recession doesn't make much sense with copper over $3 and oil at $75.

Coal stocks are in a nice short term uptrend which would also argue against recession.

The sugar rally I pointed out a couple of weeks ago continues. Supplies are tight due to droughts in Russia and floods in Pakistan. The US just raised import quotas due to shortages.

The Great American Bond mania continues. This will end badly.....

Those high copper prices are good news for Chile which continues to power higher.

Will Israel bomb Iran? I have no idea but the Israeli stock market, which has recently corrected, has been a good performer. If you can afford the risk it looks like a new uptrend is developing.

Taiwan reported great growth numbers last week.

Contrarians should take note of Europe. It's cheap, unloved....and despite Greece and a few other dead zones, growing.

Considering how negative the sentiment is around homebuilder stocks one would expect them to be making new lows. Actually they look like they might be building a base.

For all the economic doom and gloom talk, materials stocks have held up quite well.