From the most recent Total market view - Bottom line: "Based on GLD, VIX and XIV and other technicals I am ready to take some gains off the table, but will still be willing to hold long if GLD YP gets clearly rejected next week."

So that was pretty clear with big gap up in GLD to take some off the table. Next question is what? XBI most recent add already one big drop and failing at weekly 100MA; then pretty easy 1 XLF and 1 IWM, the laggers of 2017 thus far. This made 90% long. Then XLF first to break under its JanP so so taking another off there.

But with VIX and XIV fine and all other indexes above pivots, below 80% seems a bit too bearish. Ready to add one back on IWM with a move above its JanP.

SPY, GLD, VIX, IWM and XLF below.