And, despite new highs in the SPY the XIV volatility inverse has been a real laggard and not supported the validity of the on-going rally. Is this an omen of impending trend reversal? We'll just have to wait and see....but the XIV / VIX skew is not typical.
With many of the talking heads dismissing bad earnings and employment data as outlier events due to the uber lousy winter weather that continues to take its toll the markets seem bound and determined to continue to rise.....until they don't and then the same talking heads will completely reverse their positions and forget everything they ever said before.
As usual, we'll just follow the money management stops and protect our capital.
Per the P6 (last chart at bottom) M3 SPY has been in cash since 2/20.
