The Euro still hasn't broken down despite the debt crisis.

The Yen appears to be tracing out a broad top.

Gold stocks broke their short term downtrend but are now just below the 200 day MA. The trend is still down.

Gold rallied back above the 50 day MA, but this still looks like a topping process.

Apparently nothing can kill the great REIT rally. I'll just stop trying to call a top.

Crude oil rallied back to the 50 day MA but the trend is still lower.

The US dollar continues its basing process.

Intermediate Treasuries held above the 50 day MA on the poor employment report.

Emerging market bonds continue their rally.

A potential double top in high yield bonds?

Emerging market stocks have recovered above the 50 day MA but look vulnerable to further weakness.

Indian stocks have had a nice move but are still under the 200 day MA.

An uptrend is emerging in Japanese stocks. Look for a test of the 50 day MA.

The rally in the S&P of the last two weeks is not impressive when put in context. This still looks like a topping process.