Wow, I have been wrong on my recent expectations - just yesterday thought IWM below JanP again would lead markets lower, at least to a test of DIA JanP. Obviously off. I also thought XIV would face resistance on first tag of YR1 and it closed above - amazing!

Portfolio slight underweight hurt a bit today, but if we took an IWM off because of two closes below JanP it would make logical sense to quickly put 1 back on with the jump above. The rabid bull may be making a serious charge, but I don't like leverage here for a few reasons: 1, 3 of 5 USA mains on pivot resistance today; 2, monthly Bollinger bands and 3, VIX at 11.07 is not the place to pile in extra long. Still, if we add back the IWM that is 10 or 100% long.

SPY on JanR1, VTI and JanR1 and QQQ at 1HR1, the first main index to reach long term resistance.

SPY, QQQ, IWM, XIV below.