Benchmarks : Weekly Update

• Volatile P&L week. YTD started down, then up, then down quite a bit intra-day yesterday, and closed the week at zero. In spite of swings, getting more confident of Risk On as price action develops.
• [Favor long Copper, CAD and S&P best. Added to Corn last night].
• USDX : Either seriously sideways or down. Can't see this chart going above last week's highs at 81.31 in the near term.
• US10YY : 3.25%-3.50% range worked yet again. Squared all longs at 3.27% last night and waiting to re-establish near to 3.50%. Abort plan if weekly closes above 3.48%.
• S&P500 : Solid uptrend. Ignore street chatter about over-valuation etc (eg Rosenberg). The proof is in the money.
• Gold : Think this selloff is a retracement. Still uptrend.