Narrow range last week and holding. Weekly still under pressure but daily providing regular support. Market may show pressure for a while longer and we fell still very comfortable with an enlarged and fully invested allocation.

Last week: Silver as always takes a bigger hit when the market turns down. All that is happening is building massive energy to scream into the sky with rocket speed. We have seen as big drop since August which typically takes out weaker hands. With ST and MT getting into oversold risk weight levels and LT Monthly at a more neutral balanced level we feel comfortable staying fully invested

This pair shows a fairly neutral risk seeking fresh direction. Although the risk picture favours a flat position or hedge This market can turn either way short term for a longer term move up or a shorter term move down. Hence No Change.

Last week: Silver against Euro shows an identical technical status as ag USD, so again No change

Silver GBP shows the exact same risk as Silver Euro. Short term pressure still may give rise to uncertainty, yet No Change to staying fully invested.

Last week: Sterling has shown more strength against silver and as a result Silver is more oversold in terms of risk weight. We expect Silver to move up quicker against GBP in coming weeks, i.e GBP weakening relatively more or strengthening less in general against most other financial instruments

Quite possible that another attempt to discredit Silver is underway, but looks technically difficult to sustain. We are in a corrective phase since the 80 low at the end of August. This is a long term hold until equilibrium resurfaces closer to the 50-60 level.

Last week: The ratio is not causing any kind of concern at this elevated level. It will seek equilibrium again, as it always has in history, which is more likely to materialize well below the 60 Silver to one Gold level. No Change

Daily is bearish, Weekly more neutral pointing up and Monthly bearish. This picture is negative for USD. No Change.

Last week: The one percent rally of the Dollar Index last week is NOT a change of trend. Quitre bthe opposite with ST risk weight rather overbought and showing bearish divergence versus MT. We can easily find many reasons for a temporary strong dollar, but the Greenback simply does not look strong at all technically. No Change.

No Change from last week. Rather the technical picture shows a bit more vulnerability for GBP even as ST and MT show higher nominal overbought risk weight levels. As a result we reduce our hedge to a neutral 50%.

Last week: Sterling is holding its own but looks potentially vulnerable in MT and LT time frames. So, we happily stay with a smaller forward cover of Sterling payables

ST oversold whilst still risk weight pressure in MT and LT time frames present. Speculator market only. No Change.

Last week: The Bitcoin price picture is developing for a more volatile MT term price range. Long term support is at 4350 with a mild LT up-slope. If that breaks, the 2018 low is support and likely to give way. If 4350 does not break we may find ourselves in a new era of financial reality and position ourselves accordingly with minimum risk. No change

Remaining 'opening up' gap still to fill at 2828. We exclude weekend action to determine opening gaps as major players are not participating in size.
If this market is poised to turn from extremely overbought (Dec 2017) to completely oversold, it doesn't appear to be finished.

We've been cornered, yet risk weight across time frames is simply too high to ignore, Until this changes, we cannot propose participating in this market. High risk weight is known to be potentially very bad risk and markets, on balance, do not defy gravity for a long time. Now that US equities do we fear a bad outcome. No Change.

Last week: Dow is very high risk and is obviously again defying gravity. The economy is great, money is dirt cheap, so nothing can happen to us. From a risk weight perspective we cannot re-position anywhere close to even a minor long position. It is bad risk and equity investment only works for individual powerhouse stocks and great startups. Index wise it is a no go unless you wish to speculate very short term and accept the chance of being whipsawed, which is a more typical outcome for most traders at certain points, like now, in a sequence of trend seasons

Same as INDU. We've been cornered against normal risk weight odds and fear a market that will loose its bids once a more serious and expected correction develops. No Change.

Last week: All time frames are overbought and diverging in their own time frame. This simply is a very high risk market technically and from past experience this unprecedented development can only be a matter of sovereign manipulation which we know is a fact. It just appears to go on and on for so much longer than many of us would have expected. Yet is does not change the inherent risk image. Else just the same as Dow Jones. Stay away

Brent is OK for ST trading. Traders clearly and understandably see a positive risk weight and so do we. The problem is that we have seen quick reversals making the Long term risk weight change in mid month a higher risk. It means we would not take a position unless Nov 30 confirms a new LT trend. We'd be seeking take a small 30% position if the price reacts back to 62.50 with a stop at a close below 61.50.
Subject to mid week change. No change for now.

Last week: Price range was fairly narrow last week ending unchanged. The inverse flag formation since Late September can fall both ways. The long term can resume down if market turns weaker or a few dollar price increase can create bearish divergence of ST versus LT. The picture isn't clear and thus a low risk trade cannot be made at this stage