What an interesting day! Huge moves in rates, some emerging market names (INDA -1.7%, EWZ -1.8%), USA small caps (+1.9%!), and financials.

SPX & SPY made new price high but at the same time it appears close high was resistance. I think this is more a temporary move although we might see more selling into end of month. The reason I have to be bullish for stocks is how terrible the safe havens look - monster gap down in TLT and GLD weaker. VIX remains constructive for risk; XIV some negative reaction from YR3 but not as clear a reversal as 8/8.

Bottom line, bulls have the ball - excepting emerging market stocks suddenly feeling pressure from rising rates and stronger $USD - and though heading into Q4 have to be bullish, the next 2 days are a toss up.

SPY, TLT, XIV below.

I'm now posting on twitter before the open - @pivotalmomentum

From today: "Base case for Q4: rising rates, more stock vol, safe havens down. what to do? financials, short metals, add capital to indexes on weakness."