Very healthy action continues with all USA main indexes above all pivots and nothing at resistance yet.

For tomorrow I will be watching VIX JanS1, but I suspect that even if there is some reaction from this level (ie bearish for stocks) it will not be an important stock index high until we see at least monthly resistance on those indexes.

Biotechs via XBI have the most long term strength in quite some time today, above all pivots. This is the first day to meet that criterion since 7/31/2015. Every day since then was below Q3P or 2HP; and all of 2016 was below the YP. This is good enough for a buy but let's say one unit since short term charts are already overbought.

Global indexes have outperformed the most this year so far. Mistake to get out of RSX. Brazil is flying too but entries outside daily Bollinger bands usually suffer too much heat. EEM and FXI are still below pivots. INDA is just above but heading into a sharply falling D50MA so will pass.

Holding FXI short below the 2HP and falling D20MA combo, with last chance stop with daily close above the Q1P. It still will gain as a position at that level, just not as much as a better exit.

Meanwhile 100% net long seems light but oh well. Last year I calculated all the pivots and how they would open in January 2016 and all plans foiled by massive gap. This year I decided to just wait and see, but the obvious move was to be more long for 1/3/2016. 1 XBI takes portfolio to 110% net.

SPY, XBI, FXI and VIX below.