It looks like another day of record highs across the board for equities. I’ve become inured to it by now. I’m particularly focused on what oil is doing, since apparently the OPEC production cuts are enjoying nearly full compliance, which is compelling oil to make yet another trust at the top of its range. It simply cannot seem to escape this very tight range, and OPEC has at a minimum done a great job creating a rock-solid floor for oil.

Of greatest interest to me now is precious metals, where I’ve enjoyed some recent success. I remain short the miners, and long DUST. We are, as I’ve pointed out, at the mercy of what the Yen is doing (which could well be affected by the Abe/Trump meeting and golf game), but I think it at least has a fair shot of slipping to its intermediate support at $1210 or so. I’m holding on to my bearish positions there.