Both equities and commodities are in a simple cooling phase, which will likely last into the weekend. A minor decline to sp'1715/10 is viable, before another surge across next week. Despite a touch of equity weakness, VIX is lower, -2.8%..and a weekly close in the 12s looks very possible.
sp'daily5
vix'daily3
Summary
So...a minor down cycle of 0.5/0.75% looks very likely into tomorrow.
*It should be noted next week is VERY QE-heavy, with 3 large QE days, which should offer the sp'1740/50s.
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GDX now -1.2%, but that is a very small retracement after yesterdays 9% gain.
