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The S&P is in a bullish trend with the moving averages (13-, 26- and 40-weeks) sloping upwards. It has a strong floor of support under the 13-week. The S& recently made a 52-week high but didn't reach the top of the Bollinger bands, which means the index lacks momentum. However, watch 7,620, a key level if the S&P breaks down and could signal a sell-off. However, keep an eye on the bond market and the 2-year treasury yield; if it rises above 4.24% we're in trouble and the S&P will drift down to 7,514 (support). If rates stay in control, the S&P will keep rising. The S&P equal weighted index is outperforming the market cap weigh. Here too the three moving averages are sloping up, beautiful. Support is 8,360 in SPEXW. SOX index (the semis): support is 10,797, but we still need to see if the uptrend will continue. Watch NVDA's report next week which could give SOX a major boost. 

It's 55 years since Nixon took the world off the gold standard. Gold demand: 45% from India and China, mostly jewelry for gifts, but is a huge variable as the gold price fluctuates; 5% used in electronics and medical devices, but gold is expensive so other materials are used; 22% from central banks who keep buying more gold, and 28% from investments like ETFs, which is the speculative part. He likes gold and is bullish, because governments are inept at managing tax dollars. Gold will rise in the long run, but won't break out but go sideways for many years.

He predicted a return to 72 cents, but now predicts a fall to 70 cents, perhaps 68, because we are the weakest G7 economy with little improvement. Also, our taxes our high compares to peers. He's been buying USD during this rally.