At key inflection points in the market, being positioned on both sides of the market, long the ETFs with relative strength, and short those with relative weakness, is not a bad idea.

The chart for SLV, which is the exchange traded fund for silver, shows the sharp losses since the recent high in early June, but Clive Corcoran would expect silver and gold to be worthy of attention when those hedge funds specializing in the commodity re-inflation scenario decide to move aggressively again.

With the markets at the top of the range for now we'll have to see if buyers are still willing to pay up.

The market had a definitive down-day to start the week, and it may have signaled the completion of a short-term topping pattern. We’ll know if the indices get a follow-through to the downside over the next couple days.

The longer the rally goes on, the more people think it is permanent. They think the crisis is over already.