SPDR S&P 500 ETF Trust (SPY): Bungle in the Jungle Rich Ross- July 28, 2017, 10:54 AM EDT SHARE ON: Stocks are approaching their worst 2 month stretch of the year in the US and Europe. Stock Prices globally are at multi year, nay record highs. Volatility has reached historic lows and credit spreads are at their tights. European breakouts are failing as the Euro surges and the “Car-tel” crumbles Transports and Airlines have put in Bearish False Breakouts from all-time highs. Tech and Semi’s are staring down Bearish Engulf/Double Tops in the SOX/XLK/QQQ. The Russell is leaking after an anemic sort of breakout with the Dollar crumbling. Korea displays clear signs of exhaustion and EM is now basically a big Tech play. (Which is fine btw). And on a lighter sweeter note, Crude is putting in higher lows like a champ. Yields however haven’t broken higher from a countertrend pattern like this in 30 yrs. Higher commodity prices and a weaker dollar; with lower yields/growth/curve, would be bad. If a stronger dollar meant the Fed could move slower, does a weak dollar mean they have to move faster? The Sum of which continues to suggest caution/defense/puts as we enter August.