Going through charts, I'm inclined to agree with the Prechter notion that all assets all the same these days; in other words, they all fall together, and they all rise together. Whether I'm looking at FOREX, energies, financials, general equity indexes, precious metals – – they are all very tightly correlated (or inversely correlated).
Things seems more and more stretched into the "something is going to snap" mode, but as my Lucy-snatching-the-football away suggested, the amount things are getting stretched just seems to go on forever. One clean trendline break I've seen is GLD.
Random remark – to those of you who subscribe to the Kirk Report, there's a long interview of me coming out with him tomorrow. He's going to let me republish it here in several weeks, but for those who already read Kirk, there's your heads-up for ya.