A mild decline on Thursday that looks like more that it is due to recent tight range. IWM broke its JanP for the second time, and 2nd breaks of often definitive. However, DIA is above its JanP and VIX had a near tag and dropped from the level.

Though I recommended reduction of risk to start the week (and glad I did so especially XLF), I think the more likely move from here is continuation of larger trend and move back up to top of the range (although we could easily see more sideways before that happens). Simply stated 4 of 5 USA mains above all pivots and VIX below - stay bullish. That said, with GLD above its YP I think 'mostly long' ie not 100% or above is the right approach.