I am traveling today and am therefore posting a very brief update here before markets close (I will post a longer discussion sometime this week-end). This was an important week in terms of terms of market timing and potential reversals in market trends. Unfortunately, as is frequently the case these days, markets seem confused, hesitant and reluctant to establish a strong directional trend. There is lots of ambiguity now in the technical signals of several markets and this creates a risky environment for traders. I am remaining out of all markets today. This Monday is Memorial Day in the U.S. and trading is usually light with a tendency towards optimism going into a holiday week-end. Directional trends may become more clear as we move later into next week.