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It is critical for investors to watch Global bonds - broad new lows mean trouble, as well as the price of oil (another $4 bucks on the upside would start to drag on global growth)

Gold stocks, particularly juniors, are still soaring, but remain vulnerable to a setback as they are becoming overdone vs. gold itself. Commodity currencies continue to drift higher, but could also experience decent corrections if commodities in general sell off a bit. We would take half profits in the CRB from the buy signal we remarked on many weeks ago - and use a lock-in profit trailing stop on the other half.

Unlike other recoveries, in this one we suggest investors get less bullish as the markets move higher, not more bullish.