We saw a nice rally on Friday but volume was very light and the suspicions are that it was just another short covering driven pop....which was certainty the case for the oil sector. The day after President' Day is historically bullish for what its worth...then things are likely to get dicey once again as we head into OpEx on Friday.
The VDI +/- skew in SPY is on the verge of turning positive but we've been disappointed before.
XLU is FINALLY showing signs of exhaustion and China (FXI) is showing some potential signs of recovery. We await the next big thing to drive momentum and are closely tracking the abnormal VIX gyrations as a possible clue for direction.