Markets promise to be interesting tomorrow - keep an open mind and rely on technicals. Remember, election night started with a semi-crash too.

But it does seem like USA stocks already primed for a drop, and this may be the spark. GLD and TLT, as repeated numerous times, have both been speaking loudly for weeks. The last Total market view noted that AugP was starting to be resistance for SPY for several trading days, and that some of these incidences turn into real deal declines like August 2015 and December 2015.

Following The Pivotal Perspective you are quite comfortable - GLD soaring, adds on GDX and maybe a small SLV last week delivering, and long TLT; still cautious on USA equities, yet likely losing some recent gains on China or more recent adds on EEM / INDA. Really this is quite fine.

If VIX jumps above 12.23 then it usually pays to be defensive first and ask questions, read headlines, etc, later. As of 8/11 I was thinking 5-6% for SPX 2340-65 with a milder possibility at 2405.

SPY, GLD, GDX and SLV below.