Very interesting weeks we had lately. As SPX was into 1800s nobody expected a big rally , everyone was bearish and went short. My upside targets has been 1970-1980 on SPX but I was also surprised that the rally took us higher.

So here is my view:

1. VIX remain low levels once again , I think VIX is likely to find a bottom soon and rally short term.

2. SPX looks toppish and I would expect a top around 2020 on SPX before we start to roll over.

3. Gold i’m surprised this has made new lows , we have a monthly bullish divergence in gold stocks and gold so the move below 1180 could be the end of either the bear market or we get a large contra trend rally in Gold soon.

4. DAX still does not look finnished to downside, I would expect DAX to hit around 7750-8000 before we see a bottom in the German markets.