SPDR S&P 500 (SPY)

[learningboutinv]

Mclaren Report... Is to wait and see what happens to the $USD. (Edit although the report I just noticed is from 8/6. But that is his latest update on $USD. $USD is trading @ 76.308 at the moment. He talks about copper today.)



"The last one was around August 8th +- a few days. This has been a fast move up with only one day moves against the trend so a breakout is not out of the question. This will likely show an exhaustion in the next few days and then we’ll see if it can show any ability to trend higher or show a lower high and indicate the uptrend is complete. If it can move past this time window there is a chance a low of some magnitude is in place. Yes it seems almost impossible to justify a further move up by the fundamentals but an exhaustion style of trend is a probability from this pattern of trend.

The commodities and metals still look like important tops are in place. Keep in mind that these markets will exhaust into their next lows, likely with big gaps down. Then there will be a counter trend rally that will likely be multi month."


http://www.mclarenreport.net.au/articles/articles/187/1/August-6-2008-CNBC-SQUAWK-BOX-EUORPE/Page1.html