New highs on normal volume characterized Friday's op-ex session. It was an opening pop to a NYAD value of 13.32....completely over the top and the NYAD proceeded to dribble down for the rest of the day, closing at 2.25. The fade down actually worked off a lot of the overbought technical signals but we're still hugging that resistance ledge. Indicators are still bullish and M3 's UPRO position booked a few $ on Friday with the rankings still aligned.
Despite the bullish tidal wave VXX (VIX ETN proxy) has actually been holding up pretty well and contrarians might consider an exploratory position with an actively enforced stop loss.
SLV and XLE are perking up nicely and a slightly OTM December silver covered call will yield 4%,
a potential return we have nut seen for a while
