Happy Monday. Well, I guess it's a happy Monday if you're long stocks and NOT long commodities. If you've been listening to the interviews between myself, Tim Wood and Tony "it's really over now" Cherniawski, you'd know that we've been outright bearish on commodities for quite a while. In fact, in June I stated that I thought if not June, then July would bring the top for oil and that the drop would shock a lot people. I won't go into all of the reasons for that prediction but one of the biggest reasons was the parabolic price chart oil had formed. Parabolic price moves always end badly and always leave shocked traders and investors in it's wake. This one's been no different. I want you to read an interesting article by my good friend Tim Wood on this very subject. It can be found here http://www.safehaven.com/article-10952.htm.  In the investment world we're living in YOU NEED TO UNDERSTAND PARABOLIC PRICE FORMATIONS. As far as equities go, the S&P is still trying to satisfy the upward price targets for the ascending triangle it broke out of to the upside. It's a low volume move so far and that's telling me that it MAY reverse and to be on the lookout for that. 1349 is my upside target for this move, 1320 the lower target. Once filled the market will actually have a very bearish pattern with a 5 wave move down from the May high followed by a 3 wave corrective move back up on light volume. I will be sitting on the edge of my chair at that point because the pattern setup will be for the dreaded wave 3 of wave 3 decline in Elliott wave terminology, and that definitely isn't good! That doesn't mean it'll unfold that way but I'm telling you, if it's going to happen, this is what it'll look like. I think we'll know in the next few days. On another note, any feedback on my blog would be appreciated. Let me know what you like and don't like. What would you like to see different? I appreciate your input. AND, if you haven't visited our investment strategies link on the main page of our site you should. Later.