IBB starting to look overheated on daily & weekly. Big resistance at 340ish. RSI overbought. Outside upper bollinger on daily(short term sell signal). Might get a LABD trade this week. To be clear, I’d be waiting for $338.00+ (still 1% above friday’s close) to initiate a short, in order to minimize risk.

Crude oil – the next long-term breakout/breakdown looks near. Bollinger bands are tightening, and price is holding above the middle bollinger band on the daily & weekly charts, which is bullish. Close below $45 = breakdown. Close above $52.50 = breakout. I’d put my money on bullish but I’ve learned to wait for confirmation.

Gold/GDX (no chart) seems like no man’s land at the moment.  It looks like it could go $15-20 in either direction. No *major* support/resistance nearby. BUT seeing how this is a brand new breakout and the bollingers are just starting to get blown wide open, I forsee short term dips being bought. USDJPY mentioned below looks iffy. We’ll have to see which one leads.

USDJPY – for the short term, it looks like it wants a bounce higher. Price has been holding the mid-bollinger for the last few sessions, including today’s “Nuke test reaction session”. That’s bullish. My line-in-the-sand here is going to be a CLOSE above the two red trendlines at ~111.30. I’m sidelined until we get there, or until price continues definitely lower.