Long Trends Sept 30th

Equity markets continue in the long term up-trend, international and developing equity markets are now trending up. Treasuries continue in a long term down trend regardless of the near term move up. On the commodities front gold has returned to a long term down trend and Oil is getting pretty close to a long term down trend. Looking at key currencies the Dollar is still in a long term down trend, the Euro continues in a long term up trend, the Japanese Yen as also in a down trend, however, the Australian Dollar and British Pound are both now heading up