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[Cirrus]

I still believe the XAU is one of the better big picture tells out there for the SPX and overall liquidity levels. It's still flashing a warning signal--especially if you account for the Gold/XAU ratio (XAU selling off despite a high ratio). This is NOT a positve for the SPX. Also, notice that since the XAU really began acting poorly 4 to 5 weeks ago the SPX has made little headway and the R2K has acted poorly. This market is all about liquidity and rates--the XAU is very responsive to these future factors.