1. This is the first day of September. Markets are trading mixed to start the day. Often, the markets will see some money come in to begin the month. At this time, I simply expect light volume into the end of the week as we go into the Labor Day holiday. 

2. The ADP private payroll report was released earlier today. They reported just 374K new jobs, This was a big miss as the expectation was for 600K. This Friday, the BLS will report the non-farm payroll report for August. We shall see how the market reacts to the number. Generally, a hot number will spark the taper talk up by the Federal Reserve. As you know by now, I  only care about the market's reaction to the news. 

3. Silver is showing better strength than gold today. Silver staged a strong move  on August 28th and we are starting to see it rally higher today after a two day pause. I expect more near term upside for the metal.
Full disclosure: I own SLV shares

4. Bitcoin hodling steady.

1. Fed Chairman Powell pulls it off at Jackson Hole
Federal Reserve Chairman Jay Powell keeps the markets alive with his dovish stance during his Jackson Hole Speech this past Friday. Stocks staged a pretty decent broad based rally. While the volume was light it did pick up a little and that should help markets in the near term. Mixed tape today. Dow flat, S&P and Nasdaq up. Russell down a touch.

2. This is the final trading week ahead of the Labor Day holiday. This is usually going to be a very lightly traded market. Many traders will usually take off before the end of the week to enjoy the final summer holiday. Volume and trading is expected to pick up after the Labor Day holiday. 

3. Lights out in New Orleans, storm was less severe than anticipated.

4. Gold and silver made a strong move last Friday. Near term, more upside should be expected. Full disclosure: Nick owns SLV shares. Silver had a great day on Friday. $24 is resistance. Giving back some of the gains today.

5. Bitcoin in a major sideways pattern, it’s not negative. Big resistance level at 50k. Will it give up the 50 percent retrace. Now it’s consolidating.

1. It's the dog days of August. Volume in the $SPY has once again fallen off a cliff this week. That favors a buoyant to upside market. Simply put, there is very little selling pressure out here right now. Unless you see a real increase in volume we must expect the markets to hold up.
 
2. The big Fed Pow-wow is about to begin tomorrow. Remember, traders are trading lightly ahead of the big Fed announcement this weekend from Jackson Hole, WY. The central bank of the world is starting their mountain symposium tomorrow. At this time, the market is thinking that the Fed will push back their QE taper announcement. You can bet every money manager will be listening this weekend. They’ll be taking baby steps towards tapering, but with multi-trillion dollar deficits, they can’t do much and not crater the stock market.

3. Bitcoin still below the all important $50k mark. Watch for the news to turn negative on cryptos. That will be a crucial tell.

4. Gold/Silver gold and silver get slammed with the upcoming Fed Pow-wow.

1. Market rebound after last week's options expiration decline.All of the major stock indexes are rebounding higher today recovering from last week's slight drop. This is typical price action from what we have seen this year. It seems that every time we see a sharp market decline everyone gets bearish very quickly. This leads to a short squeeze rally and that is what this looks like today. There will come a day when the markets will rebel.

2. Oil is reversing higher after an 8 week pullback. Crude prices have been steadily declining since early july. Today, oil is trading higher by nearly 5%. Energy stocks $XLE $XOP $OIH are also strong today helping the markets move higher. It topped out on July 6. It’s having a monster surge.

3. Bitcoin got a bood bid today. It lives to fight another day. Resistance ahead. 50k is a whole round number.

4. Gold/Silver it’s a nice move but the miners are still lagging the metals. Never a sign of strength. Silver also catching a nice bid. 2% move. The pattern on ag is better than au, silver is taking leadership.

1. Ugly trading week for the major stock indexes, but they are bouncing back today. Today is options expiration for August and this type of  whipsaw action is not unusual this week. Today's close will be very important when it comes to reading the charts. Volume was high, but not to the point of eclipsing the game-playing

2. Microsoft (MSFT) is the strong horse breaking out to new all time highs. This is occurring with many of the leading tech stocks having a rough week. This tells me that Microsoft is now the leader of tech. Should this stock begin to stumble it will be problematic for the tech heavy Nasdaq Composite and NAS-100.

3. Bitcoin is having a decent day today. It’s been hanging around 47l to 48k. May test 49k. Big resistance level. 50k is the big pyschological level.

4. Gold/Silver gold is at $1785. It’s haning in pretty well with sideways consolidation. May go to 1835-1840. Miners are still weak, lagging the metal. Caution is due. Silver put in a pretty good low on Aug 9th. Caution for metals.

Today Nick and I kick off the day talking about retail: there are more earnings due out today, and it’s a big day for companies like Target, TJX franchises, Lowes, and Children’s Place. We also briefly discuss Bitcoin—which is down a bit today—but still around the 50% retrace area that we had discussed last week. Additionally, an analytics company that is fairly new to trading called Palantir bought $50 million of gold; this alludes to some of the insights they have about the future of gold, and perhaps they see something in store for this precious metal.

Highlights:
-There are more earnings due out today; it’s a big day for retail (Target, TJX companies, Home Depot, Lowes)
-Retail wasn’t so favorable yesterday, but is quite favorable today
-When we look at Bitcoin today, it’s down a little bit but is still around the 50% retrace area we discussed last week. If it can consolidate, it can perhaps make another push. We should still be cautious at this stage
-Palantir bought $50 million of gold, and this is a company that has not been trading long—they primarily deal with data collection. They may be accumulating gold because they see something out there
-It is not only Palantir that does this: there are a lot of analytic companies that purchase things like gold because of the insights they have
-Gold will probably not surpass the 1840 level

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1. The takeover of Afghanistan by the Taliban. This is really the talk of the town this morning. This does not affect the stock market directly, but it makes traders and investors question their confidence in the current administration. I personally believe the Federal Reserve controls the market action with their current QE $120 billion/month program. 

2. Options expiration for August is on Friday. As you should all know by now, this is a week of institutional game playing. It's also a week where you will hear a lot of rumors, geopolitical events and lots of ridiculous up/down grades. Expect the unexpected. Watch Tesla and see what they do to it. This is the real shark week.

3. Gold/Silver they were hammered in June during options ex. Nick said not your normal gold slam. Big traders were in there driving it down. More upside now to 1840 potentially. The miners stopped leading and still are not. Mining stocks are negative today while gold is up $9.

4. Cryptos have had a good move. They’re up slightly and now Bitcoin is at resistance. It’s a nice retrace, but wait for the pattern.

5. Inflation is back with a vengeance. Commodities made lifetime moves. You can see the inflation on the charts. Inflation is here to stay. The lockdowns are the catalyst when the global economy shutdown. Gold, lumber, food, copper, etc had huge moves. Watch the price of copper. Copper tells all. And so was lumber. Copper topped in May and has pulled back a bit. Next wave coming in 2023-2024.

6. These policies are the exact opposite of what the economy needs. Lot’s of market volatility. You need to be a stock picker. Next year or two will be very tough. People have gotten used to raging bull markets.

7. Dollar has been strong and it bottomed out in May and has been making higher lows. Within the next 10 years it will lose its reserve status. Will the US stop cryptos?

8. Europe is a disaster. European banks’ charts are extremely weak. Look at Deutsche Bank and Credit Suisse. There’s a problem in the European bank. Their bond market has been killed by negative.

In today’s Daily Market Wisdom, Nick and I catch up on numbers and the action in today’s market. We see money rotating from one sector to another—almost as if playing a game of hot potato. We discuss CPI number and Bitcoin, and continue to analyze our metals in the rapidly changing market. Tune in to get a dose of market analyses and to start your day with valuable insights.
Notes
-Today’s market action - more money rotation taking place; game of hot potato—money rotating from one sector to another
-CPI number was a bit hot but the core CPI was less than expected
-Goldilocks number—not too hot
-The question is has the inflation peaked yet?
-Lockdowns are the primary cause of inflation
-A lot of money printing going on not just by the Federal Reserve, but also the European Central Bank
-Bitcoin is getting close to the 50% retracement
-Anytime you have a major decline, there is a great bounce - Bitcoin has done a zigzag up and is nearing the 50% retrace
-Gold and silver - gold futures up about 14 points but it has come under some major distribution. There is a chance for it to get constructive again, but today’s action isn’t exactly doing the trick.
-It’s in a multi-year bull market

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1. Bitcoin is the new gold. Bitcoin is catching a bid pop today as it trades back to $45,000.  Bitcoin is jumping after United States senators reached a compromise on how to tax crypto assets. This is part of the $550 billion infrastructure bill. This still has to be voted on, so the market seems to like the news right now. All of the leading stocks that have crypto exposure are also up big today. $GBTC, $ETHE, $COIN, $RIOT, $MSTR. 34,400 is resistance

2. Gold and precious metals are getting slammed again. The U.S. Dollar is showing strength again today and this is putting some major  pressure on gold and gold miners today. Either way, the chart was signaling weakness as this should not be a big surprise. I have been pointing out how the gold miners were leading the metal lower and that is a sign of potential weakness. The pattern after the June options expiration period was also very alarming and now gold is trending lower. Gold will eventually be a buy again down the road, but it could take a while. 

Notes
-Dip in Gold
-Didn’t think Gold would get hit as hard as it did last week
-But, this will lead to the greatest buying opportunity since 1999
-Bitcoin is trading back to $45,000
-unprecedented money printing
-there are entities that can trace every crypto transfer
-When you own a stock, you own a piece of a company. When you own a cryptocurrency, what do you really own?
-Bitcoin is still the favorite; Ethereum is second choice
-Nothing goes down in a straight line

1. Hot Job Report. Earlier today, the nonfarm payrolls increased by 943,000. This was slightly better than expected. The unemployment rate slid to 5.4%, compared with the 5.7% expectation. So this was a good report on the surface. Remember, earlier this week the ADP job report was much weaker than expected, so today's report is a big surprise. Dow up slightly, Nasdaq is getting hit. Russell 2000 is up a little, catching a bid. Tech is getting slammed due to bond yields.

2. Bond yields on the 10-year U.S. Treasury Note are up 6 basis points to 1.278%. Higher yields are now a positive for markets, unlike 6 months ago when they were a negative. The U.S Dollar also strengthened today after the job report. Many investors are now thinking the Federal Reserve will start to revisit the taper talk. At this stage, nobody believes they will ever taper. 

3. Either way, today the markets are mixed and its really not a strong session so far. The close will tell me a lot more. Financials topped out in May and now they’re zig zagging, which according to Nick there’s a something going on in the financial market, it’s problematic.

4. Gold/Silver getting slammed down $43 at 1766 on the futures. Silver down nearly .93 on the futures. Miners aren’t leading.
5. Oil prices are starting to slump. We’re still above the low, but we could see $50 crude.

6. Bitcoin is holding up. It’s been range bound. This is the high range. The pattern is good on the daily pattern, but the weekly pattern is negative.

7. Robinhood has been on a wild ride. It hit $85 and not it’s down to $56. It’s like trading the Wild West, all over the map. Be careful.