Just a couple of quick "for what it's worth" charts…….
First is our old favorite, EUR/USD. This has been all over the map today. It shot up strong this morning, then it took a dip (I find it interesting that GDX and GLD have been absolute resolution in the face of that weakness; they barely even blinked). I've said it before, and I'll say it again: until the EUR/USD falls away (and, thus, indicates a stronger dollar), we're not going to get any sustained equity downturn.
Another chart is of USO. This ETF, an "old faithful" for swing trading, has broken its trendline. Nothing dramatic, but I think the energy markets are starting to tip their hand (or, in the case of UNG, both hands have been chopped off).
