IWM 31day Intraday – uptrend gives the upper hand to the bulls – resistance remains 83/84 area – support remains 80/81 – internal rotations continue. WTI 31day Intraday – rising wedge clearly evident – same pattern that was seen prior to IWM break (seen above – Feb 18 th peak) - 105/107 remains resistance – 100/102 remains support – these patterns either EXPLODE higher or simply fall on their own wgt – defense will remain best offence – discipline over conviction. MacroView

EMERGING MARKETS vs US SMALL CAPS GOLD vs AGRICULTURE GOLD vs COPPER During Q310 the mkts were gripped with fears over EU implosion, deflation, and double dip. However the price action was NOT confirming those fears. Then, as now, we could possibly be seeing a shift in positioning away from inflation. GOLD reasserting its leadership relative to other assets would be a yellow flag.

CHINA (Shanghai Composite) – YOY – nearing first level of resistance at 3000 with 3200 being 12m highs – is the recent strength in China signifying less intensity on the inflation front? CHINA vs SPX – 2006 to Current – as shown over the past several weeks, we are beginning to see a shift in performance regarding less exposure toward developed markets.

SOYBEANS Wheat Corn AG prices have had one monster move higher and are consolidating those gains in mixed fashion – corn remains firm but vulnerable and rotations within the AG sector seem to have begun – Seeds and Machinery related to this space could see upward pressure as farm related capex begins.

PORTUGAL – 4yr – 7.3% YLD GREECE 2yr – 15.6% YLD IRELAND – 8yr – 9.4% YLD While the EUR has remained firm (tagging 1.40 vs USD) the PIIGS have continued to be priced lower and lower – seems a bit odd to think the ECB can hike with its member countries on the “brink” – monitor GOLD vs EUR as we near 1080.