Curious day. Main indexes looked more like pause than rejection with exception of IWM.

VIX pushed higher but notably stopped on the YP / 1HP combo. I think if pros believed in real trouble ahead then VIX would have closed above these levels. I think decently long is still the way to be; INDA exit a bit less painful given today's drop, and GDX exit while not the exact top also proving to be better to lock in gains.

I'll change my mind and significantly reduce and/or put on real short hedges if VIX closes above its YP tomorrow.

PS: SOX index breaking out to new all time highs above its 2000 top.

SPY, VIX and SOX monthly chart below.