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1. Today is options expiration for the month of September. As I have stated before this is a quarterly expiration so there are 4 different asset classes expiring this week. It is called quadruple witching options expiration.
Yesterday was a very wild day in the market, it was filled with a ton of whipsaw throughout the day. I do not expect that kind of action today. By now, the institutional market makers have likely finished up with the options expiration games that get played every month. Volume will tell me what kind of day this will be, but it will not have the whipsaw like we saw yesterday.
2. Economy is improving, a lot of the good news is factored in. Much of it supported by central bank intervention. QE4 has been unprecedented. We’ve seen a tech shakeout. TSLA hung in. It topped out on 9-1 and then hit a bottom on 9-8. Typical game. Upside is limited. EV stocks have been strong. Just look at the charts. At this stage everyone goes EVphoria.
3. Gold and silver, gold futures up. Silver flat. GDX flat. A quiet day for gold. It’s been basing for nearly 2 months.