1. This morning, the markets are trading higher across the board. The tech heavy NASDAQ Composite is leading the major stock indexes higher as yields pullback on the 10-year note. This is a holiday session so we expect the volume to be a little on the light side today.

2. Yesterday, the $2.2 trillion infrastructure plan was revealed by President Biden. The corporate tax rate will increase to 28%. The spending plan is not all about infrastructure, but more about spending. We all need to keep a close eye on this going forward. The devil is in the details. 

3. The Weekly Initial Claims report was released at 8:30 am ET. It showed a slight increase in claims with 719,000. This was a bit of a surprise, but it does not seem to be having any effect on the markets. Tomorrow, the non-farm payroll report will be released with the markets closed for holiday. Could have an impact on next week’s trading   

4. Gold/Silver the back test is over and gold is on a big move. GLD over 1%. Miners up 2%. Silver is joining the party. Gold and miners are looking better and better. Yesterday was a reversal day and today is follow-through on the upside. We’re in the start of a “W” pattern. Otherwise known as a double bottom.

1. This is the final trading session of the quarter. We usually call this window dressing when the markets rally higher into the end of the quarter. Today, the NASDAQ Composite is showing early strength. It should be noted that the tech heavy NASDAQ Composite and NASDAQ-100 has been the weak index lately, but today it is strong. NASDAQ up 1.8%. Yields largely unchanged.

2. Later today, President Biden will unveil his $2 trillion infrastructure spending plan. This is supposed to include the tax increases to help finance the deal. Lets also see where this money is really going (PORK). If it's anything like the COVID relief bill we are in for a world of trouble just creating more debt. 

3. Gold/Silver spiking big today after being slammed major yesterday. GLD up $2 and gold futures up 1%. Nick talked about that decline yesterday which retested the earlier lows. GDX up 1.9% Higher low on the daily chart. Nick has held steadfast. $24 silver is an illusion. Physical demand is huge and premiums have risen substantially. Low $20’s is time to buy.

1. We are looking at a mixed market this morning. The Russell 2000 index is the lone winner so far, while the other major indexes are slightly negative. The Russell 2000 index (IWM) is likely higher due to a move higher in yields on the 10-year note and the 30-year U.S.Treasury bond. Remember, the Russell 2000 Index has a lot of exposure to small cap financial stocks which do better with higher yields. Technology stocks are a bit weaker today. They will usually trade lower as yields rise. 

2. Gold futures (GC) are getting hammered this morning as yields rise. It looks like gold futures (GC) are backtesting their March 8th lows. We will know shortly if this is the start of a W-pattern, which is a classic bottoming formation or if this is the start to another decline.

1. As expected the markets rallied on Friday again. It was a powerful surge which tells me everyone has caught on to the 'Friday Effect' rally. When everyone knows the same thing now you have to be careful. Pretty major sell-off today. Markets are giving back. Being led by energy and Russell 2000 and financials too.

Today, stocks are pulling back a little. over the weekend there was news out of Credit Suisse (CS) and Namora (NMR). They warned of potential losses after one of their.clients was forced to liquidate stock last week. My theory is if there is 1 cockroach there are a 1000. Shine a little light of day and they will scurry. This could be the big one.

The final hour of Friday trading was insane. Go long into the weekend. Red flags are out. Defensive stocks surging. Should be very wary.

2. Gold/Silver both metals getting slammed so far. Gold down $23. Silver being hit down 1.8%. Now under $25. Always an indication of liquidation.

1. This has been a very choppy trading week. The major stock indexes caught a bid yesterday into the close. Today, the major stock indexes are up again to start the session. As you have said before, somehow we are always seeing a higher market on a Friday. It's strange, but people must really like to hold stocks into the weekend these days. Every Friday the markets happen to go higher for some reason. This week we really saw some damage on the charts. Not an easy market for anyone, even Nick.

2. Gold/Silver gold up on the futures and the pattern is now consolidating for another move. Now we’re just consolidating with gold trading below its 50 day mav. Everyone hates gold. Silver basically flat, slightly above $25. Bitcoin has been the new gold.

1. Markets staged another downside reversal day in yesterday's session. Today, the major stock indexes are experiencing some early selling pressure. In my opinion, the open does not matter as it is really all about the close. I'm looking for further market weakness, but there are always bounces along the way. 

Earlier this morning, the Weekly Initial Claims report was released. There were 684K new claims. This is a much better reading than we have seen lately, but it was slightly better than the 700K expectation. The Weekly Continuing Claims were 3.870 million, the prior number was revised to 4.134 million. I actually thought it would be much better with the vaccine news and the reopening of the blue states, but it did improve. 

The bigger event was the market sell-off after Yellen and Powell’s testimony. Beware.

Tomorrow is Friday, will the PPT come to the rescue and make it all go green?

2. Gold/Silver Interesting day in gold. Bitcoin is down 6% but gold has been holding up. Miners hardly down. Silver still the weaker of two. It hasn’t been a great performer. Gold is the bullish metal for now. Do you still have faith in the system?

1. This morning, the major indexes are mostly higher to start the session. The technology heavy NASDAQ Composite is the only index that is slightly negative. Yesterday, the major stock indexes saw some sharp late day selling pressure after Federal Reserve Chairman Jay Powell and Treasury Secretary Janet Yellen finished their testimony on Capitol Hill. So today's close will be very important for the markets as Powell and Yellen hold their second day of testimony in front of the Senate Banking Committee. We shall see if they can pull another rabbit out of the hat to save markets today. They were not able to save the markets yesterday.  Divergences should be noted.  A lot damage done. Some major reversals took place. SPDR volume was high and in everything that went down. We’re bouncing now on no volume.

2. Russell has been the leader up and it probably lead the way down.

3. Gold/Silver were slammed and are holding their own. GDX down slightly. Gold up slightly. Silver has been weak. Big divergence between physical and paper. Physical is the highest Nick has ever seen. Nick likes Gold action better than silver. Gold has rebounded well from under $1700.

1. Federal Reserve Chairman Jay Powell and Treasury Secretary Janet Yellen will speak later today before the House Financial Services Committee. Last night, Chairman Powell released his prepared remarks and said " the recovery is far from complete" and the Fed will "continue to provide the economy the support that it needs for as long as it takes." Basically, they are giving the market a green light to continue buying stocks with the liquidity they provide. We will have to see if something else disturbs their plan. We are back below the February 16 stop, for the SPDR’s. Very challenging environment. Markets are not looking strong right now. Secondary issuances and SPAC’s are all over. And now there’s NFT’s for art work. More and more froth in the market. Very reminescent of prior decline.

2. Today, the Russell 2000 Index (small caps) is the weakest of the major stock indexes falling by 1.7%. The Russell 2000 has been the best performer this year so far, but it has shown weakness over the past week. Keep an eye on this index going forward, when leadership falls off it is a negative market indicator. If it rolls over get ready. If it faulters it’s a huge red flag. Trade of the decade has yet to happen.

3. Gold/Silver gold down 13, miners down 2.7% and silver is down 2%. Under pressure but the still look good

1. We are looking at a mixed Monday so far today. It looks like there is some early strength in tech and the NASDAQ Composite as yields pullback in the 10-year note. The small cap Russell 2000 Index is trading lower by 1.0% to start the day. This comes as the regional banks decline this morning. Remember, the Russell 2000 Index is filled with a lot of small bank stocks. In fact, the SPDR S&P Regional  Bank ETF (KRE) is trading lower by over 3%.   

2. There is also some weakness in the energy stocks today. Energy has been a major winner in 2021. Some are pulling back in a big way. So we will need to see what kind of patterns form in energy over the next few weeks. Energy probably accounts for roughly 11% of the S&P 500 Index. Mixed

3. Gold/Silver almost everyday we’re seeing a gap down lower and then they rebound over the day. Everything started weak and then start increasing. Gold miner trader up over 8%. Cryptos a little on the weaker side. It’s down 3%, getting hit. Do you think Ethereum will go to $10k? An incredible run, outperforming everything except Gamestop. Don’t steal the government hates competition. Cutting out the middleman. Banks lose and we can’t allow that. And what about taxes?

1. Today, the major stock indexes ended mixed by the closing bell. The DJIA was big loser declining lower by -.71%. The NASDAQ Composite and the Russell 2000 were the big winners ending higher by 0.76%. 

This was a quadruple witching options expiration trading session and it's finally over. This was another Friday where the markets hung in there and did not experience any major sell off. So far we have seen a lot of positive or strong sessions ahead of the weekend. Regular trading starts on Monday.

Markets were defended on Fridays as is becoming a regular occurence. Every Friday we go up. Nick has two winning trades.

2 Gold/Silver multiple reversals during the day and they finished up higher. They reversed on upside and finished the day higher. Silver participated. Gold is better for now over silver. It usually finishes positive lately. Good level for gold. Gold miners are looking good.