Hi, welcome back. Since the equity market's reversal on 16 Nov 2012 when the intermarket analysis provided confirmation of a risk-on trade (as covered in my earlier posting), the equity market has since been on a rise.

Over the recent week, there has been a reversion to more caution as evidenced by price declines in gold, silver (which have become speculative in nature), commodities, oil and Australian dollars. This may just usher in a period of consolidation before the S&P500 were to begin a more decisive move - my bias is upwards.

See you in two weeks' time!