OK, here’s my final attempt to figure out what the various BAM models are telling me about the anticipated market-related discombobulations of June.

-The HGX is the single most bearish stock index in my work short term (into 6-15 through 6-19) and has been for many weeks.  It’s ironic that housing led us off the cliff and here we are again with a very bearish HGX model.  It makes sense if the bond/TLT models are correct though.

-The BKX is the most bullish looking stock index in my work but, short term, it is also bearish looking (into 6-15 which, coincidentally, seems to track the major averages as well as HGX)

-Crude Oil is the most bearish looking commodity in my work (although commods in genral look to get slammed) (we’re out of our GLD and SLV longs)

-The EURO is the most bearish looking major currency against the dollar

Recap of Intra-market Relationships:

-US Gov. Bonds down hard w/ TLT target of 86 minimum and 70-75 possible as rates spike higher

-US dollar spiking higher is a very short term (June), short-lived set up but the violence of the move looks to be disruptive.  (Longer-term my USD Model remains bearish with 65 target into Q1 2010)

-Housing stocks crumbling with a break of the March lows

-Bank stock Index (BKX) weakness into mid June (6-15ish) followed by a potential melt-up leg blow-off move into an August TOP followed by a crash leg.

Full report coming soon