just reading my daily updates from MM.....The dollar surged further yesterday, pushing the euro to a two-year low, the pound to a five-year low, and the rand to a six-and-a-half year low. Emerging market and commodity currencies remain weak and the dollar has broken above our target resistance level of 10.90 to the rand. This level is now support and the new resistance levels are R11.90, R12.40 then R13.55. We think that the rally being undertaken by the US dollar index (844) is still in its infancy. Accordingly, we remain dollar bulls (we also like charts of the yen and see the Japanese unit as an alternative safehaven currency). The perceived flight to quality, combined with weaker commodities markets, has pushed gold below two key support trendlines (at $780 on the weekly chart and $750 on the daily chart). The chart below shows our new downside target equal to primary bull market support at $620 (and rising). We are near-term bears but remain long-term bulls. Gold has now joined the ranks of other precious and base metals by breaking below support. Put differently, we now dislike all metals without exception. An alarming statistic that we saw yesterday is that the Baltic dry freight index (1355) has had only one up day in the past 22, and has collapsed by 89 percent since May's peak of 12000. World equity markets continue to seesaw: national benchmark indices fell yesterday in all 18 western European markets, except for Iceland. Most are still above last week's lows but a couple, such as Spain's Ibex (8995), which lost 8% yesterday, are at fresh multi-year lows. The JSE all share index (20289) is also still above last Tuesday's low of 20095. If this is broken on a daily closing basis, our new target will be 18300, some 10% below yesterday's close. The S&P500 (897) is at its lowest level since April 2003 and all 30 constituents of the Dow Jones industrial (8519) ended lower. We remain dollar and yen bulls and are bearish about pretty much everything else.