The Brazilian Real has regained its 50 day MA. I don't think new highs are in the offing but that may depend on commodity prices and the US Dollar.

The timber ETF has corrected but has held above the trend line. If we are near the bottom on housing construction - and I think we are - there is probably more upside.

The Euro bounced last week but I don't see the attraction. Defaults are coming; it's just a matter of time.

The Aussie $ rallied last week too but like the Real, I think the top is in. Commodity prices are key but research tells us the currencies tend to lead the way. Keep an eye on this and the Canadian $ for a clue about future commodity prices.

Gold stocks have come off the lows but I would expect any rally to be capped by the 50 day MA or the short term downtrend line just above it.

Commodity indexes have come off the lows but with the economy slowing and the dollar stabilizing, I don't expect new highs.

REITs have been incredibly resilient but as I've said many times, the fundamentals do not support current prices. Is this the top finally? I've been burned trying to call this top before but I'll try again.

Crude might have a final rally in it, but like most commodities, I think the high is in.

The US Dollar pulled back after the recent rally, but I expect to make a higher low and resume the uptrend.

Lousy economic data last week kept the Treasury rally going.

The Euro rally last week provided a reprieve for foreign bonds but use rallies to lighten up.

Emerging market bonds gave back a little last week but the uptrend is intact.

Brazilian stocks rallied last week but I can't get excited about it. It's just a big trading range.

A longer term view of emerging market stocks makes this look like a decent buying point but I'm skeptical.

India stocks bounced but it was a pretty feeble attempt. I'm still intrigued by the long term potential but short term it isn't acting well.

Nothing has changed with the long term picture of the S&P. Tops take time to form but the target is still around 1220.

You might get a tradable bounce in the broker/dealears but the trend is still down.

It will be interesting to see if regional banks can break the downtrend. With a flattening yield curve I have my doubts.

The oil service stocks appear to have failed at the 50 day MA.