Todayâ€™s market behavior pretty much sealed the deal on this cycle. We had been hoping for one more lower low, as it would complete a count and leave the door open to at least an upward correction. Now, there are too many scenarios one can derive and that makes this, unfortunately, a non-starter for a spread trade. Now we can see how this more fully evolves and as we said earlier, possibly consider a better price on our next spread. Weâ€™ll continue to post updates on the market as the cycle completes. There are some bearish signs, particularly in the precious metals. The metals really should have rallied on Bernankeâ€™s testimony and they did the opposite- not exactly bullish for risk assets.