Hi Tom For me emerging markets (DEM,DGS and VWO) are weak. VNQI as well.(reits int) VPL seem to have topped and penetrated the 6MEA from above. VNQ has topped a while ago, but doesn't get weaker lately. The other UBA ETFs are still above their 6MEA. For IAU etc. it could be that AIMing them (1/N) is a bit better than PP-ing them. At least that is what I observe for 4.5 years now. Best Regards,K