Watch the volatility index. It has reached an important test. Volatility has come down meaningfully in recent days. That happens at the moment gold’s rally is softening, and Treasuries are struggling to keep the rally going.

If the volatility index breaks below the trendline, then March is setting up to come with a very significant rally in stocks, in which case investors should have their shortlist with potential buy candidates ready. Otherwise, gold miners would be the place to be in March.