The minor correction appears to us to be ending. I think we are near the bottom of the latest trend cycle with an upward trend beginning. This cyclical character of the trend may be an early sign of a future market top in months to come.

I am neutral on precious metals PHLX Gold/Silver Index (XAU). I think precious metals gold and silver are overextended and am neutral on them.

My analysis indicates that the only style boxes with positive momentum are companies listed on NASDAQ and small cap growth shares, only precious metals have positive momentum in the sector index category, and the only world index with positive momentum is the Frankfurt Index (DAX).

Real market activity is something the financial industry representatives can not fathom. Because the markets can turn quickly, be ready. May the market be with you!

The opinions and views expressed herein are of the portfolio manager and may differ from other managers, or the firm as a whole. All investments involve risk (the amount of which may vary significantly) and investment recommendations will not always be profitable.