I still have my eyes on the first week of March (+/- several days on both ends) for a likely turning point in many markets.
The S&P 500 and NASDAQ now have both made new yearly highs, but the DOW still has not broken its all-time high of 18,103. (It hit 18,052 on Tuesday - close, but no cigar.) This means that intermarket bearish divergence is still in place for these indices. While the DOW and S&P 500 do appear to be curling over at the moment, they could just as easily continue their rally into early March. Bullish momentum is especially strong in the S&P 500 and NASDAQ right now so I am favoring the idea of new highs into that first week of March (which could be a good setup to sell short). Still on the sidelines of the broad stock market.
So far the support for gold at $1200 is holding, but the bearish factors that made me bail out of my gold long position on Tuesday (see Tuesday's Gold Trade Alert) are still in place, and there is a good chance that gold and silver prices will fall lower into early March. If they do, we will be looking to buy. Out of both gold and silver for now.
Crude oil still has not broken above the $54.24 high it made on Feb. 3, and so prices could still turn down here and make a new bottom into early March. This would give us an ideal spot to buy; however, there is still time for a rally into that time frame instead. If this market rallies over the next week or two into the $55 - $60 area I may be looking to sell short. Still out of this market.