All the previous signals listed this week, the following are in a confirmed state:

DBB - Sell confirmed (base metals)
DBA - Buy confirmed (Agriculture)

All other signals are in a rejected state. Recommended course of action is to take a partial position in DBA and phase in buying as long as the signal remains in place.

DBB, should it be a confirmed sell if it cannot break out of it's opening price this week  - 14.470.

Gold and silver have performed very well since our signal was in place, and some of the equities, particularly HL had an excellent rally. Oil has also performed particularly well.

That being said we are being cautious at this time and are keeping the stops tight. We are just a hairs breath away from some important price targets, and with that - a potential period for a steep reversal. (according to Elliotwave)

Then we look at the seasonal charts - first for gold:



Pretty clear trend.

Now Silver:




Even clearer.

So with strong recent gains, seasonal weakness ahead, elliotwave structures almost complete and possible market reversal in the works - caution is definitly the key word. For the precious metals, new money is definitly a risk here.

With that being said, we will follow the signals carefully. Last week many of the indexes we followed flashed potential warning signals, many in concert with each other. Many of these have been firmly rejected, so the current market rally may still continue. Do not be fooled into buying at these levels though.

There are those who argue that we are at the cusp of a new breakout in gold. But again, there are too many odds that it will not be this time. We also have to think about a wave of deleveraging ahead of us. All it takes is for the market to change it's mood.

Another area we will be looking at in the future to add to our speculative positions are Uranium stocks. Uranium holds promise as long term we will be in an energy crisis and it the only electricity source that is carbon neutral and it proven. Uranium supplies are severly depleted and with the amount of new plants in the works (outside of US) there will be a squeeze at some point. Some of these stocks are trading for dirt cheap prices...and may be ripe for picking as a long term hold.

This weekend we'll review what new signals were generated and gather intelligence from our various sources to determine what the next step will be.