It is the final countdown

I must say, I am exhausted. The strength of this rally, its duration and persistence in the face of countless overbought measures is, to me, astonishing.

So I will make yet another call - I do not believe this rally has further to run, and in fact believe that we are going to come down soon and hard.

Below is an hourly chart of the French CAC40, which is similar to most other EU indices. It looks cooked to me.

Adding to the bearish-on-risk view is my count of the USD - I believe that the dollar has bottomed, and is in the early stages of a sustained uptrend that will take it to above 1.25 on USD/CHF (below 1.22 on EUR/USD), and possibly as far as 1.10 on EUR/USD.

Finally for today, copper looks set to correct lower.