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I find that I'm still not making any changes to my thinking since the weekend report. Let's review the markets.
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SPX - I'm watching the green trend line, and that will let me know when the general markets are ready to drop into a dcl. Even though we do have a break out, the SPX has basically moved sideways since early December.
SPX WKLY from my weekend report. I'm not expecting a strong continuation higher before we roll over.
Read MoreLook at a chart of SPX, DJIA, or even OIL and nothing has changed from the weekend report, so we are going to go right to the Precious Metals sector for a review of Mondays action.
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Notice that the USD was moving higher for most of the day on Monday, but that didn't hinder the gradual melt up that took place all day long in Precious Metals, right into the close.
Read MoreThis weekend we are going to just keep it simple. We are in the middle of what has turned out to be some very good trades, and they have been acting correctly for weeks now. Why get too complicated when we are seeing things remain right on track as we go forward. To the chart!
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SPX - Personally I have not taken a trade in the general markets by means of ETFs. Individual stocks have done well, but the volatility in this sideways consolidation has schooled both the Long & shorts.
1. We had a break out (bullish) , but the VIX was down near 10 ( Bearish)
2. We had a failed break out when it gapped down, and an ISLAND TOP formed ( bearish).
3. That was negated Friday when the gap closed, and this looks bullish again. The green trend line is key going forward.
We were watching the VIX , which was indicating that the markets would likely pull back in February sometime ( I mentioned that the VIX is not a short term timing tool, I use it as a cautionary measure). Now let's look at the weekly charts.
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