Regardless of any short-term selling, we expect new highs in the indices before anything significant occurs to the downside. Today is likely to be rotational and there is a good chance the indices will fall into the mind-numbing 5 handle, low volume rotation. Lots of earnings are on tap next week which usually creates a backdrop of wait-and-see.

The US 30 and 10-yr are holding up very well. A tell?

Gold finally spiked lower. The Crowd is expecting this general area to hold. We shall see. The migration of VALUE is down.

Trade currencies from shorter term structure, for now.