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THE TRENDS:  The long term trend remains up.  More importantly, on Friday the intermediate term trend flipped back up.  You may remember in past weeks how I talked about how important the 126 - 130 zone was.  If the trend was to re-assert itself to the up side, prices would likely have to stop there.  Not only did prices stop there, but we had a strong weekly close above the 10 week moving average.

WHAT I'M DOING WITH LONG TERM FUNDS:  I am back in 100%.  Last week's price action indicates a high probability that the high of 143 made in late March will be tested.  My ONLY caution at this point is that the 10 week moving average is not yet sloping up.  It is conceivable that after such a strong week we may see some weakness in the short term.  But as long as we don't get a weekly close below the 130 level, the intermediate term trend remains up.  Have a great summer weekend!