Natural Gas U.S. Futures ($6.19)

Recent Natural Gas weakness has the bulls in shock. A further short term slide into the five dollar area or below, would be entertaining to watch.

Oil U.S. Light Crude Futures (U.S. $72.32)

When the Oil price recently spiked up to retest the 2006 high in the $78 area, it caught me off guard. This doesn't change my view that Oil is overbought and needs to take a rest. It is just possible that we have passed an important high for the price of Oil in recent days. Recession ahead???

Gold London PM Fix (U.S. $686.50)

My Gold blog in February/07 said I thought rising operating costs could bring on a profit squeeze for gold producers. If you are still long gold stocks, you now know what I was talking about. The price of gold has done nothing, but gold shares have been hit hard.

I'm not uncomfortable with the price of Gold moving sideways here, but I see no investment potential in that. I would like to see gold drift off to the $600 area over the coming year or so. That might possibly open up an entry point for re-accumulation of gold shares.

TSX/S&P Composite Index (13,569)

In the midst of the summer doldrums, I'd like to see 12,500 to 13,000 for the TSX Index before moving on upward in a healthy ongoing uptrend.

U.S. Dollar Index (80.17 Fri. close)

The U.S. Dollar appears determined to test its 1992 low in the area of 78. This should be a powerful support area, but if it's hit hard enough and fast enough, 75 is possible on the downside.

If one or the other of these two support levels is tested, I'll be looking for base building and recovery thereafter.

S & P 500 Index (1470)

At the end of May/07 I said that the S & P was headed for a test of the 2001 all time high (1552), and thereafter should take a rest as we moved into the summer doldrums.

This has now come to pass, and now I'm looking for the current weakness to take us into the 1400 area before we again challenge the year 2001 high (1552) in an ongoing healthy uptrend.