4:51 SPY is almost at my first target of $236 and so I am scaling out the bulk of my positions. XIV +.43, VXX cover + .32, FAS +.80, GDXJ cover +.32. Interesting how the XIV is negatively diverging from SPY. SPY making new highs which XIV is not. That to me is warning sign. XIV typically trades in anticipation of SPY moves.

4:36 am PST. The Dow futures are up this morning as expected from Friday’s close. They are up about 70 points. Gold is down as well, which was expected at the close of Friday. Gold could see support at $1210. The dollar is up significantly as well and I think it could be on its way to $104.