Update 8:30PM EST

U.S. Stock Market – I noted in my September 23rd post that despite poor fundamentals, the technical picture of the market was much brighter. A run to the upper end of the trading range was possible and even more likely now that we’ve broke above the previously mentioned neckline. The trading range I’ve spoken about continues and it appears we can now test the top of it. If this occurs, it may offer speculators a chance to implement some bearish call spreads. Stay tuned.

Gold and Silver – I noted about midday last Friday to book some profits as some overbought readings were showing up on my charts. This is in no way anything remotely close to some bearish stance but rather 25+ years of experience has taught me to take something off the table during the times you have been on target.

A day, a week or even a little longer sideways to somewhat lower would actually be a good thing IMHO. If we just shoot up again this week, we could set ourselves up for a far sharper correction then is needed at this time.

U.S. Dollar – It’s becoming too easy to predict its ups and downs. Eating broken glass after peering into a crystal ball for over 25 years makes it much easier at my age now to put my tail between my legs versus beat my chest for all to see. We should see some consolidation under the 80 area before the next leg lower.

U.S. Bonds, Oil and Natural Gas – I continue to hold no positions long or short in my model asset allocation