201012.26 1 0 Weekly Chart Review by Joseph Y. Calhoun in Markets Tags: bwx foreign bond etf, ewj japanese stocks, ewz brazil etf, gold market technical analysis, gsg commodity etf, itb homebuilder etf, REITs technical analysis, rem mortgage reit etf Commodities broke out last week. I am skeptical of the rally since I'm not that bearish on the dollar but a breakout is a breakout. Gold is in a long term uptrend but it is way above the long term trend. Just getting back to the trendline requires a very large correction. REITs came back a bit last week but are looking decidedly tired. And not cheap on a fundamental basis by the way. Mortgage REITs mint money on a steep yield curve and leverage. Thank you Mr. Bernanke. International bonds are holding the 200 day MA for now but with the Euro debt problems still not resolved, I'd be a seller of any rallies. 7-10 Year Treasury ETF is oversold and unloved. A rally would catch a lot of people by surprise. Don't be one of them. Commodities broke out to the upside but Australian stocks didn't. Hmmmm..... Everybody still loves Brazil but until it breaks that short term downtrend line, I'd be careful. Looks like a developing top to me. What applies to Brazil applies to the BRIC etf as well. The uptrend in Chile has obviously flattened out. The fundamentals still look strong but the economy is very dependent on copper prices. Be wary. Japan has one of the best looking charts in Asia. Buy the dips. Silver has dramatically outperformed gold recently but that doesn't usually last that long. I've highlighted homebuilders a couple of times recently but they had another very good week. I suspect this is a trend that is getting ahead of reality.