1/2/2018

Markets starting strong as expected. All 5 USA main indexes above all pivots, VIX below all pivots, XIV above all pivots. 

Tech sectors strong with SMH and XBI having banner days. Only XLF not in a party mood.

Global names came back as well, with all 8 indexes I track above all pivots, and both KWEB and FXI having a massive start to the year. 

Strength in GLD and GDX are about the only thing to give some pause to risk assets, and that's great, because I pointed to GDX as a partial position the day its YP recovered on 12/13 and then emphasized GLD above all pivots on 12/26. 

Bond indexes weaker with several below major pivots (this 'should' help financials so not sure what the deal was with XLF today). 

While I didn't think January 2018 was going to be a repeat of 17 so far all systems go for stocks. 

SPY below.