10am update - no downside power

It remains the case that the equity bears are largely powerless.. with most indexes opening just a little lower. Net daily gains are clearly viable, and regardless of today, a test of 2K looks inevitable, if not the 2020/40 zone by the FOMC of March 16th.


sp'daily5

GLD, daily

Summary

re: Gold. Still looks due to retrace to the red zone. There is a clear 10 trading day window... and even though I've a target of GLD 125 (aka Gold $1300)... there seems little reason to get involved right now.

Cyclically, we've already ticked lower... and its indicative of just how powerful the recent rally was.
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As for equities, its kinda embaressing that the equity bears can barely muster a moderate retrace lower, after what were super strong Tuesday gains.

VIX is +3%.. but only in the 18s... with 16/15s viable with sp'2K.

Instruments like TVIX/UXVY will surely melt lower across the next two weeks. There is likely no hurry on the next volatility-long trade.
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time for some sun... back soon