The Euro has reached resistance at the downtrend line. A pullback would be normal and with all their debt problems, warranted.

This relatively new ETF rises when the yield curve flattens which look imminent. What does that mean? Well that depends on how it flattens. Long yields falling would be a sign of potential economic weakness while a rise in short rates would likely be the opposite.

The Pound is looking decidedly toppy. Their economy is a mess with inflation higer than expected and growth less than expected.

The Loonie is also looking a bit tired. There has been a lot of press recently about the wonders of the Canadian economy but with a new government coming in and rumors of a bubble, uncertainty is on the rise.

Last gasp? Gold stocks rallied off the 200 day MA but despite the metal making new highs the stocks are lagging. Could a dollar rally be on the way that knocks gold down?

If gold is topping out - and just to make it clear, there is no evidence of it just yet - it has a long way to fall. Even a drop to $900 just takes it back to the long term uptrend line. Now that's a correction.

Commodities in general are still in an uptrend but momentum is waning. I see a lot of individual commodities that look like they are rolling over but the indices are dominted by energy. Until oil and nat gas start to come down GSG can probably keep rising.

If - when - commodities do start to come down, the commodity stocks will too. This could be the early part of a double top forming.

Asian real estate is looking sick. What does that say about Asia in general? Probably nothing good.

The industrial metal etf cleared the 50 day MA but looks like it is setting up for lower prices.

The CRB looks ready for correction after getting close to the 61.8% retracement.

The natural gas ETF has rallied furiously off the lows based on potential demand from Japan but so far it just looks like another rally in a downtrend.

I know this isn't fashionable, but the dollar index continues to hang on and I think a rally is coming. What will trigger it? I have no idea....

The ten year treasury yield bounced off support at the 50 day MA and looks poised for more significant move higher. Maybe that is what will trigger a rally in the dollar?

The inverse Treasury etf held support at the 200 day MA.

Brazil failed at resistance Friday. If the uptrend is to resume it needs to hold above the 50 day.

The BRICs as a group appear to have failed at the downtrend line.

Chile broke the short term downtrend but there is a lot of damage to repair. At a minimum some backing and filling is in order.

The EAFE failed on its first attempt at the 50 day MA. Expect further downside.

EAFE small cap confirms the failure of the large caps.

The rally in emerging Europe is intact but overbought. Look for a test of the 50 day MA.

India had a very good week but bumped up against the 200 day MA. I took an initial position early last week. Expect a pullback before taking another shot to the upside.

Japan fell back some last week. I expect a consolidation around the 10 level. Japan is cheap and I like it long term but anything could happen short term.

I'm still looking for pullback in the S&P to the 1220 level. If that doesn't hold, 1100 would be the next target.

Will Korea be a beneficiary of reduced production in Japan? It looks like somebody thinks so....

Taiwan might be another beneficiary but it hasn't moved as much as Korea. There is still overhead resistance at the 50 day MA.

The biotech breakout failed on the first attempt. I think it will eventually break through.