1. Markets seem to be doing some backing and filling after yesterday’s rally. Often, when the market rallies on a Monday they will often pull back and chop around throughout the week. This Friday is also options expiration for the month of October. That tells me that we must expect some institutional game playing in the popular stocks.
2. Earnings season kicked off today with JP Morgan Chase (JPM) reporting earnings before the opening bell. Stock is down on the news along with others. J&J down on Covid Vax fears. Handful reporting, a bit negative. Next week big tech reports. This week the earnings picture will still be a bit light, but it will move into full gear next week. This week we will see mostly earnings from the big banks. Next week, we will start to see the tech companies report.
3. Gold and silver getting slammed today. Gold has been trading with the market. GLD down 1.7%. Gold futures down. We haven’t yet satisfied the pattern. SLV down. Silver down 4 percent. Don’t get too excited about the up days and once the pattern is completed then it’s off to the races. It may move before the election, but we’ll know soon.