I was stopped out on a quick downward move that was subsequently reversed — but the market does still look weak. Perhaps I should have paid more attention to the warning in the falling gold price (lower chart).

In my defence, markets have very suddenly become uncorrelated and it is hard to know what correlations to trust. On the other hand, the correlation between gold and platinum is a longstanding one (see chart below — lower portion, orange line; the other lines are the S&P and Treasuries) and not a function of the latest QE.

I think that the recent highly-correlated markets have made me a bit slack when it comes to the main question — is there a trend? For months, the answer in almost every market has been “yes.” But this month that has changed.