Having gone through all the index charts, it's evident to me that we're at the first test of the Inauguration Rally – – as you will see in the charts below, prices are butting up against Fibonaccis, trendlines, or both.

Also, the ES (e-mini S&P contract) looks more than a little extended. The breakout from this triangle was very late, and it wouldn't be hard to see this fizzle back to 900; continued strength on Monday and a break above the lines in the aforementioned charts would add confidence to this rally making its way to 1,000.

My energy call last week was quite good, although (shame on me) I sold my DIG early on Friday for no worthwhile reason. Setting that aside, it seems the prices (having moved from about $66 to $80 very quickly) are due for a softening.

Added to which, the VIX is back down to "pre-breakout" levels. Although 39.19 was sky-high in 2007, for Q4 2008 it was never that low.

I continue to hold gold shorts, as well as DZZ (double-bearish gold ETF), and these $XAU and $HUI charts, I think, help bolster my rationale.

So I'm regarding the rally at this point with a dose of skepticism. Monday is when everyone is basically "back to work" after two weeks of holiday, and we'll finally see some real volume. If prices are squishy, it may be time to go to the short side again.