9:03 am PST. TLT is now hovering weakly above the lower trendline which is about to break. Once TLT breaks it will probably back test it from below, and then it is going to have a drop to fresh new lows. Meanwhile, financials, and the core U.S. indices will continue to rally.

Gold, GLD, is bouncing off this rising trendline. Once this breaks, I think gold could see $1211 this month.

7:13 am PST. XLF is up really nicely today. I am looking for $26 where I plan to exit.

5:34 am PST. If TLT breaks below the lower trendline on the wedge, it is headed to new lows.

5:24 am PST.

XLF and the U.S. core indices are having a nice pop higher as expected. Gold is down at 1241.10 now as expected. The dollar is rallying and could go to new highs.

1:01 pm PST. The emerging markets, EEM, and U.S. core indices corrected today, but I think it will probably be short lived. All eyes will be on the state of the union address tonight. I spotted 950,000 shares of BAC block traded at 24.61. We closed above and the pattern looks bullish for tomorrow. I am expecting a pop higher in the financials.

Gold sold off into the close while the U.S. dollar caught a bid. I think gold could test 1241 tomorrow, which is the 200 weekly sma.

11:15 am PST. Alternate count for XLF could carry it up to $25-26 in the next month or so. Same with core U.S indices.

9:25 am PST. I am starting to see more dark pool prints coming in across the board on SPY, IWM, QQQ. IWM more than a million at 140.01, SPY  at 237.12 , and QQQ at 130.10. I think we are starting wave (iv) correction now which is going to be a sharp drop down for wave (a), probably to 232, and then 229. It is probably going to be a one-to-two month correction in a-b-c-d-e wedge fashion. Wave (a) could be the lowest wave. Happy trading!

9:22 am PST. TLT is back up at the upper trendline.

7:39 am PST. JDST 308,000 block traded at 16.40. It is a battle between the market makers.

7:07 am PST. A large block trade on GDX about 2.3 million shares at 22.98. We are bouncing now. This might have been the capitulation wave 2 low at the 50 sma. Just thinking out loud.

5:11 am PST. Goldman Sachs is selling off this morning.

IWM overlaid with GS in the black line.

5:01 am PST. Good morning. I am watching how the VIX has been inching higher as /YM consolidates. TLT also catching a bid this morning.