It's pretty clear that the broad stock market wants to rally into our current reversal zone (Feb. 13 - 22). The center point for this reversal is next Tuesday. Let's watch for a top around then. If one or two (but not all three) market indices (DOW, S&P 500, NASDAQ) make new highs next week (bearish divergence), that could be a sign that a top is imminent. We might try and sell short at the top for a brief (but possibly steep) dip down or we will just wait for the dip and buy at the bottom (as long as the correction doesn't go too low). This current new medium-term cycle in equities still looks bullish. On the sidelines of the broad stock market for now.
Gold and silver prices are surging up today, and gold is close to breaking to a new monthly high while silver remains a considerable distance below its recent Jan. 31 high of $16.18. This could carry over to next week as an intermarket bearish divergence signal still within the current reversal zone for precious metals (that ends next Thursday). If so, we could see a final medium-term cycle top in gold next week to be followed by a steep correction to the cycle bottom. Silver's top may already be in with that Jan. 31 high. We are still waiting for the final medium-term cycle bottoms in both metals to buy (they are due any time over the next several weeks). Still on the sidelines here.
Crude oil seems to be taking its cues from the bullish broad stock market as prices edged up to new monthly highs today. The current reversal zone for equities could also influence this market so we might see a top in crude next week and a corrective sub-cycle dip to follow. If that happens, we will be looking to buy the bottom of that correction (perhaps a little above the $50 level). One the sidelines of crude oil for now.