Expect big volatility tomorrow as the proposed new health bill comes up before the House for a vote. Odds currently favor a No Pass but we all know that consensus opinion has been wrong many more times than right lately so best to stand aside on this one. If the vote fails we may be in for a sustained pullback where buy the dip is not a wise course of action. Look to straddles or delta neutral for maximum risk control until this tipping point passes...then we just have to contend with North Korea, the Russian /Trump conspiracy pushed by the Republicans and a few other looming crisis. These are dangerous times and the fact that the VIX has remained low range is more than surprising.
If things do get rolling to the downside then bonds, utilities and gold/silver are likely to explode.
Here then is the current outlook for gold....which will undoubtedly look much different come Friday as one of the divergent outlier risk scenarios kicks in..
