A flat market last week with Silver holding the 17.00 level. No Change.

Last week: Silver actually showed relative strength the past week even though vs USDollar this metal seems to still suffer from long term drowsiness, which is why the market does not trust what will eventually become very evident. A very strong performance is statistically guaranteed. We just don't know when it will finally materialize. The technical picture is very much the same as for Gold this week. No Change

Daily risk weight moving higher without much price change. We need to watch this development to ensure we do not get tricked into a short term retracement. This till is not the most likely scenario because MT risk weight shows near oversold levels whilst price remains well above last years lows. No Change.

Last week: The Silver EURO story is quite similar and even though price may still weaken a bit, the LT outlook is for a similar bottom to develop with the space of one month. No Change

Flat market for one month now. MT similar oversold levels as one year ago at much higher price level. This generally translates to being a support signal. No Change.

Last week: Silver vs GBP is the more likely choice for investors. The MT time frame is now rapidly falling into serious oversold ground whilst price has dropped 62% of its last advance rally that started in the low 11 handle. No Change

The LT Monthly narrowly turned up at a neutral 45 level. This is not a secure oversold or overbought level turn, hence we remain cautious and stay with our fully invested Silver allocation.

Last week: The Gold Silver ratio closing at 85.65 last week still looks for a definitive change of heart. Lack of Silver liquidity may be a reason why the ratio suffers from offloading old positions, probably at a loss. The major opportunity is to hold on to silver and wait for at least a 60 ratio before running scared. No Change

LT Risk weight at same overbought level and pointing down. MT risk is up but neutral level could easily turn back down as LT trend has more weight at the 80 level whilst daily turned down at Month end at the 83% risk level. No Change to remain fully covered on Long dollar transaction exposures.

Last week: T and MT risk are doing catchup without much price development. We could see a bit more ST dollar strength but LT risk remains very high and negative. No Change

The month ended on a stronger note (0.8%) against our risk analysis. The risk weight picture shows potential bearish divergence in the daily time frame whilst MT is at an overbought level. This higher risk scenario warrants a careful approach to the value of sterling. No Change.

Last week: We are happy to stay with a 50% cover. GBP for now is holding its own, but we like to see bullish divergence between ST and MT before changing in favour of GBP again. No Change

A very volatile short term experience again with several 5-10% moves within days. No Change.

Last week: We love the crypto space and anxiously await more listings of lesser controlled assets which are properly backed. In the LT picture we can now draw a support line between the 2016 and 2019 bottoms and resistance between Dec 2017 and June peaks giving current support at just under 5.000 and resistance at 11.000. This market looks vulnerable still and without any clear direction. 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.

LT Monthly at Month end still up at 92% risk. The weekly and daily however turned marginally down at >90% levels. This could trigger a rapid drop hence high risk and No Change.

Last week: Every time we see a new high our impression is that we are reaching the peak of the first stage of a rollercoaster event. And we see increasing support for our technical risk approach from VIP hedge fund managers and general analysts. What is going on in the world of finance in general and with the way sovereign debt is managed in particular is nothing short of the label unprecedented. We stay out of this market. Smart cash into startups with amazing creative potential and Real Estate appears where the balance of excess funds still resides. No Change

The same analysis as INDU applies to S&P. Lt Monthly could divergence again if MT and ST make it turn down. This is a high risk market and we stay out being aware of an opportunity loss due to maximum high risk awareness. No Change.

Last week: The technical risk of an extra-terrestrial or black swan event can only increase whilst LT timeframes remain extremely lofted. Risk analysis by definition cannot forecast ultimate price development. With extreme log scale price inflation, risk must prevail and remove opportunity in favour of insurance. No Change

Brent took a dive late last week and closed strongly down (5%) for the week. All time frames are now down signalling a risk of further undefined and unpredictable weakness. We must wait for a strong low risk weight indicator to enter this market again with a more serious asset allocation. No Change.

Last week: We saw a mid week range which would have meant a poor trade if the Hourly had not indicated an oversold condition at the stop level. We await month end to possibly enter a fresh position. Oil still looks very undecided in all time frames. Speculative ST opportunity aside. No position, No change