![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5mbah4SednfimMpK6wAlai0gm052CzVo214pe-7JdmFXd18qGK1RTgEAIJteNqe6Lfw-h2PEVezP4b8uXa7IyFTGva8YhZZp3qipbw3nFP7m0Qe0zvNljo_-3kMiv8Dk-M_Qv7w/s400/ES082609a.gif)
With USD trading stronger and oil and gold weaker and 10-year Treasury yields on the decline, the risk themes are aiming more toward risk aversion, and that has stocks trading at the lower end of their recent range (ES futures; chart above). Note continued heaviness in emerging markets (EEM); that, along with commodity weakness, continues to raise yellow flags for me longer term.
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