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1. The Weekly Initial Claims number was 1.186 million vs. 1.40 million. This is a decrease of 249,000 from last week, so that is better. The continuing claims for the week ending July 25 decreased by 844,000 to 16.107 million. Tomorrow, the BLS will report the non-farm payroll report numbers at 8:30 am ET.
2. Today, we are seeing a lot of the popular tech stocks coming under early distribution. Second tier tech leaders like Fastly (FSLY), Roku (ROKU), Western Digital (WDC), Wix.com (WIX) and others under some heavy selling pressure today. Tech names are still holding up but the money could be going to other places now. Transports such as UPS are starting to move.
3. Gold and silver just keep on rallying. $2057 spot gold and spot $28.11 silver. They’ve been on fire and will have a pullback at some point. It’s dangerous to in at this point, but people never learn.