Indicators continue to point to deteriorating cyclical conditions with no evident improvement in growth prospects and a resurgence in the U.S. dollar. Also this week: why bond yields may have already adjusted; and, Euro area growth remains confined to a narrow base reducing the likelihood of an acceleration in activity. A more positive equity market tone helped resource sector prices but the week finished with downward pressure on gold and oil markets. Also: why gold equity prices need more bullion support just to hold steady; and, the connection between earnings and S&P 500 equity prices. There were no recommended portfolio changes. Stock highlight: Universal Coal (UNV:AX) continues to track well against its targeted operational outcomes which anticipate rising production between 2015 and 2019. The company is an unusual example of a profitable coal mine developer with positive value momentum possibly escaping attention because it is servicing the South African market - a big advantage over others in the sector at this point in the cycle. The PortfolioDirect report is available here (VIEW LINK)