1. Markets seem to be strong right out of the gate this morning. All of the major stock indexes are higher, but this is a quadruple witching options expiration trading week. Not your normal options ex. Often, the markets can be choppy and sudden turns should not be ruled out. This is a week where traders should expect the unexpected. 

2. Today started the first of a two day FOMC (Federal Open Market Committee) meeting. Tomorrow, Fed Chairman Jay Powell will announce his interest rate policy for the United States. I'm not expecting any change in policy, but the verbiage could move markets. Again, the central bank has been flooding the markets with liquidity and that is not expected to change anytime soon.   

3. Copper and metals are overbought.  It’s made an impressive gain and will consolidate and then go higher. It will take out its 2017 high. Copper very similar to gold and silver. It’s been stronger than the gold chart. All markets are bought with copper roofs.(Jesse Livermore) Could very well be telling us that inflationary expectations are picking up. And don’t worry, Nick says there’s no coin shortage.

1. 19th anniversary of that dreadful that changed the world.

2. Mixed markets today. Dow up, Nasdaq down .7, S&P 500 mostly flat and Russell down .75. Normally look for a flat to slightly positive day on 9-11. Retail,transports and are higher, energy and financials also up. Industrials, Cat, 3M, doing higher. Be cautious of tech. There’s been some pretty good distribution. Most important part of the year.

3. Crude has pulled back under $40, probably won’t go below $33. Some big names are headed up. Very diverse sector. Out performance by refiners, all higher 1.5% to 3%. Need to play the sub-groups.

4. Precious metals, gold down a bit, silver down 1.2%, the usual backing and filling. Building a potential pattern for a breakout in late Q4. Next Friday, 9-18-20 is a quadruple witching day. Lots of games and lots and madness in the markets.

1. Initial weekly Jobless Claims were reported this morning, they were 884K vs. 813K expected. The Weekly Continuing Claims was 13.358 million. This was an increase of 93,000 from the previous week. Overall, there was nothing great about this number, but things seem to be steady. If other closed states would open up their economy the jobless numbers would improve much quicker. Unfortunately, politics are in play here.  

2. Yesterday, the markets rebounded a bit from the large 3-day decline. At this time, it will be very important to watch the charts. The patterns will tell us what to do going forward. Rally is fading. Remember we’re still in election insanity season. We’ve never seen one like this before.   

3. Gold and silver rally fading a little bit. Gold and silver will inflate as the market does. Consolidation continues. The next big break out is going to be a monster. It’s a strong tape. Copper is going way higher. It’s had a tremendous move. Now above $3. Keep copper on the radar. Right now it needs.

4. Dollar is getting close to a bottom. On a montly chart it’s gone down to its 100 month moving average and has held. It may have one more little slip and then it’s a major opportunity. UUP could be the way to go.

1. Stocks are gapping higher today after a 3-day sell off. This is typical after such a large decline in such a short period of time. There should be a lot of whipsaw and choppiness over the next few weeks. It will be more important than ever to read the charts over the next 2 months.

2. Beware of the VIX. It’s remained in a range of $20-28 since May. It made a lower high during the recent sell-off. SPYDR’s have been trading on higher volume. Still more downside to come. Sucker’s rally, we’re still in an uptrend. We’ll still remain choppy. High hit 9-2 and yesterday we hit a low. A bit more to come.

3 The semiconductors (SMH) have been sold off pretty hard in this decline. This is one of the most important industry groups that every trader/investor should follow. Remember, semiconductors are in almost everything these days, so in my opinion they are extremely important to track on a daily basis. Right now, the semi's have broke below the 50-day moving average and that should put everyone in caution mode. First time it’s happened since April 21. There’s a lot of support around that average. The most important industry group we follow.

4. Gold and silver, gold futures up 11 points. Backing and filling. One more leg down? Very range bound and working off the overbought position. 2000 is resistance. 2089 is major resistance. Lower highs hitting, perhaps going as low as 1860. A little more consolidation and it’s off to the races. Shaking weak hands out, but they’re not getting shaken.

5. Nick takes a close look at the Platinum chart. A little bit more work and it will probably follow gold. Has major overhead right now. More consolidation.

1. Markets are pulling back again this morning. It started last Thursday with the major stock indexes plunging. On Friday before the labor Day weekend the major stock indexes ended lower, but actually well off the lows of the day. Volume was very heavy on Thursday and Friday. Today, it is an ugly start to the week, but this is not really a surprise as we are in the 60-day window of the election. There are a lot of forces that want the markets to decline sharply before the elections. Careful going into the election.

2. Technology has been the big winner in 2020 and it is now the big loser on this recent decline. Traders and investors should expect a choppy and volatile market right into November. As we stated a while ago, the easy money has been made.Money is coming out of the Nasdaq. It was over bought and bloated.

3. Unemployment continues down. Initial claims were lower Thursday. Non-farm payroll report much better than expected. Economies start to open up. Wall Street is different than Main Street. The country is now rebelling against the pandemic restrictions. The loss of jobs is a sin.

4. China’s threat to dump US debt is going to make that big a difference. China’s trying to get back to the bargaining table. At some point in time the US may decouple. Biden will never stand up to them. Only Trump has the will to do it.

5. Gold and silver continue their sideways consolidaton. Very gradual, nice soft landing. Be ready for resumption of the trend.

1. Today's weekly initial jobless claims report was 881,000. The expectations were for 915,000 and 130,000 better than last week's report,  This number is also below the psychological 1.0 million mark.

Continuing claims also declined to 13.254 million from a revised count of 14.49 million. This is also showing improvement.  

2. This morning, the major stock indexes are dipping a bit, but the markets are very overbought and extended at this time. There does not seem to be anything wrong just yet, but if something changes I will let you know. Nasdaq is getting demolished. Everything tech is getting killed. TSLA down 8 percent. So this was much better than expected. A lot of fleas. People are fleeing the Nasdaq. Not to be unexcepted. There are

3. Covid cases are down and the pandemic is coming to an end. The market has known this for months and here we are.

4. Gold and silver taking a breather. Gold futures up slightly silver down a bit. Mining stocks are down a little more than 1 percent. Some backing and filling.

1. Markets are now getting a bit euphoric at this stage of the game. While the major stock indexes can stay higher than most people think it is worth being a little cautious right now. Next Monday is Labor Day in the United States, so trading volume should be light until then. Light volume usually is favorable for a flat to upside market. Very rarely do we see any major downside in light volume environments. Dow is heading for another record but headwinds are ahead. Dow has had an 11,500 point range. If the market can broaden out this movement can continue. Money going into energy and banking now. As usual the experts are wrong.

2. The cloud software stocks have been the hot industry group lately. They ran after Salesforce.com (CRM) earnings and again after Zoom Video (ZM  yesterday. Today, the cloud software stocks are really coming off of those highs with a vengeance. Again, when stocks go parabolic they will decline sharply when the buyers get exhausted. The hot money is leaving, could see a reversal ahead. You need to be cautious with them. Apple and Tesla are both down today. Not dead in the water. Late money to the party gets left in the dust.

3. Gold and silver take a breather. Gold futures down $33. Getting zig zag pattern. Entry point is coming. Mining stocks are down across the board. Newmont and Agnico are both down. But they’ve had tremendous moves.

1. Zoom video Communications (ZM) is soaring today after earnings. This move in zoom is lifting the cloud software stocks this morning. So the tech heavy NASDAQ Composite is trading higher again. This index is now up about 32% this year. It’s in a parabolic move.

2. Beware of September and October. While the trend is up you’ve got to be ready for turbulent times. Be alert and on guard. March is also known for crashes and bottoms in the in the market. Pivotal months historically, looking back at the historic.

3. Going into Labor Day we usually see low volume and this is the time where the masters of the universe take their vacations. It’s rare that it does happen. Election is just around the corner.

4. Gold and silver they keep moving up. Gold futures are flat and silver is up. Making great chart formation, staying in the pattern. Central Bankers have virtually insured that it’s going higher.

1. Apple (AAPL) and & TSLA (TSLA) both split this morning. Remember, a split does not really change anything. The market cap is still the same. It should be noted that both of these stocks ran up into the split so they could be due for a pullback of some sort very soon. Stocks are clearly overbought. When will Tesla be put into the S&P 500? That’s the question. Short sellers have lost at least $25 billion in Tesla. Musk is the master of the news flow.

2. This is the final trading week before the Labor Day holiday. So volume trends are expected to be very light. Barring any major geopolitical events, I don't look for much upside or downside this week. Just a quiet week overall.  

3. Mixed tape today. Indexes down except NASDAQ which is 50 points. JV squad is on duty. The A Team is watching closely on their phones.

4. Gold and Silver: gold is down on the future. Silver futures up half a buck. Volume has been up in the sector while the broader market is down. New speculators are being attracted. Silver is stronger on the charts than gold. Once silver breaks $30 we go to $35.25 and $50 is getting closer. A lot of work to do. Again, it broke out from a low, very bullish. Above its 20 day moving average. Gold is just below its 20 day moving average.