ALL ABOUT THE GOLDS (BLACK and YELLOW)

The markets continue to sell off after hitting their highs at SPY Resistance of 129.2 earlier this morning. The market internals have flipped to 600 red and the Pivot of 128.75 is back in play.

The metals(+3%+) and the oils(+1.5%) are both hitting new highs in todays trade and the brokers are having a banner day as GS JEF BSC LEH MER continue to confound the shorts and the skeptics.

The Volatility Indexes are a tad higher coming off the recess but have not given any new buy or sell signals in a while. The VIX at the 12.65 area is about 5% above the 10 day SMA and the book says ETF's are not to be sold when the VIX is at those levels. The 2 day RSI of SPY is now around 17 also indicating that a buy signal may be close.