3/3/2017

Despite my preference to see a top here, the fact is that there were some bullish signs on Friday according to The Pivotal Perspective:

2017 main index leader QQQ held support
IWM held its MarP
VIX collapsed back under all pivots, and XIV rallied back above its MarP

But weekly charts do look quite toppy. A lot more coming upon the blog. 

I rarely make adjustments on Fridays, preferring to do comprehensive workup on the weekend and then be ready for confidence action, but USA mains above all pivots and VIX vehicles confirming risk on makes 70% seem too low. Positioning also depends on your point of entry - if you were ready to hedge a position near a level then an SPY short Thursday open can still hold, but towards the close has more risk of loss. Taking one hedge off brings back up to 80%, and INDA looking like best global option but let's say 1 unit for now and will consider adding more next week. This means back to 90% long with 1 hedge remaining on SPY.

SPY and VIX below.