Well, the markets keep coiling up for a move in one direction or the other. I am inclined based on my prior comments to expect a downside breakout from this pattern, but as always, we must be prepared for either case. It's just hard to get too excited about the upside when we are at the end of the month, and so many factors point down into mid-June. At this point there is nothing to do but wait until the market shows its hand.
Oil is not solidly above its 200dema and the DXO is performing well. UNG may have caught a second wind, but with such a deep retracement the upside may be limited. Gold continues upward albeit slowly and the DGP is following. These are working well and I will hold until a valid reversal signal appears.
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