Gold has nearly completed a 1 to 1 move on three different time frames, a shorter-term daily basis for just 2024, an intermediate basis since the start of 2016, as well as a longer-term monthly basis going back to near the lows of 2001.  Gold looks to consolidate at these levels or trade lower in the near-term, yet longer term the pressure will be for higher prices.  Here are the 3 charts:   The Dollar is approaching the critical area of 100 and if it breaks that it is on the way to 90.   The market is rolling over...

Markets are trading lower to start off a short trading week with a couple large data points for jobs and the economy. Friday at 8:30am EST we get the Jobs number for August with Non-farm payrolls for the month, we also get wage data included in that report as well.  We get the ADP private payrolls tomorrow morning. Sometimes these reports can vary wildly so don't read too much into ADP, and then you have the fact that we had huge downward revisions to the jobs numbers for last month, so that may play into any market reaction as well....

The market has been extremely volatile, and with just over 2 hours left to go in trading we are closing our SPY options trade. The SPY is approaching the $560.50 price point as of 1:50pm ET, and our SPY spread is trading at about a $0.32 credit, which would result in about breakeven. Sell to close our $561-$562  SPY credit spread, which we got into at about $0.32. This options trade expires at the end of the day, so make sure you close it if you don't want to risk assignment.          Disclaimer: Trading in securities such...

We get Chairman Powell speaking Friday morning in Jackson Hole, Wyoming, at 10am EST.  The 10-year yield currently sits at 3.87%. This market is already priced for cuts. I see more risk in Friday's speech from Chairman Powell than possible reward to the upside for this market. If he confirms the cuts then the market has already priced most of that in, but if he remains Hawkish and the market fears they may not cut as fast as anticipated, then there could be a re-pricing, as we have seen many times recently. He is likely to say that they still get...

Markets are trading to higher price today on the heels of strong numbers out of AMD, and decent guidance for MSFT later this year as their supply begins to catch up with demand for their AI cloud products. Tonight we get META earnings. META is still only trading at 21 times projected profits, which is especially remarkable considering the entire Nasdaq100 is trading at 25 times.  Thursday we get AMZN and AAPL to finish off the big tech earnings this week.  The Fed comes out with their announcement at 2pm ET today, with a press conference to follow at 2:30pm...