Hello Everyone,
Quick Comments: Bifurcated day for the market with the majority of the gains concentrated in the big cap tech area. The SPX made yet another new all time high and gained 0.43%. The QQQ and XLK big cap tech both gaining about 1.1%. IWM small caps lagged behind losing -0.4%. For the SPX the nearest levels of support are 4500 and the 9 day EMA. HYG/JNK high yield corporate bonds were strong, which continues to help support this market. TLT 20 year bonds added 0.25% and is a possible 5 wave coil pattern as discussed on the weekend.
Nothing new of note to report on the VIX, however the VVIX is one indicator we need to keep a close eye on as it closed at 107.9; remember a close up over 110 would throw red flags. Some nice follow through moves in various commodities such as crude oil, copper, and Uranium. Gold and precious metals pulled back. GDX stalled at its 20 day MA, the bearish view here would be it simply had an ABC bounce and going lower, we'll see if another higher low can be established or not.
Matt
