The Pound has broken its downtrend. Is austerity good for the currency?

The Euro still has some work to do but is well on the way to breaking its downtrend as well.

The uptrend in gold stocks is being tested.

The commodity indices gave back all the gains of the last two weeks and need to find their footing soon. If not, it says something about the state of the economy.

REITs have been a bright spot in the market until last week when they too succumbed to selling pressure. It is still above the 200 day MA though so officially the trend is still up.

It looks like a double bottom in the grain etf.

The recent drop in the dollar has helped foreign bonds.

High yield bonds continue to outperform stocks. If the economy was really headed for a new recession I would expect to see it here.

Some markets are holding up better than others including Chile.

Colombia is also outperforming.

And Thailand despite the political issues.

It looks like the VIX peaked last week. Or that might be wishful thinking....