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1. Everything is getting killed today on low volume. Trump Tweet about delaying the elections. This week’s Initial claims report increased by 12,000 to 1.434 million. The four-week moving average for initial claims increased by 6,500 to 1,368,500.
We were up after a Fed announcement and there’s often a decline the day after.
Q2 GDP was -32.9% vs -35.0%. While this is a very bad number if the economy can continue to open up it should dramatically improve in Q3 and Q4.
2. Tonight after the close we will get the earnings from Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and Facebook (FB). This is going to be highly anticipated by all market participants. This is going to be interesting since these tech giants were just on Capitol Hill testifying in front of a Congressional panel. Many people in Washington want these tech stocks to be broken up.
3. Pullback in gold and silver. It was overdue. Gold made a new high in the futuress and spot and then pulled back. Setting up the stage for higher prices down the road. Miners down 3.5%. Silver is down 4%. Weak hands always chase things at the high. Just leave them alone. FOMO should never be allowed to rule. You’re always going to have another opportunity to get back in.
4. Market has been trading sideways since June 8. There’s a time to be a bear, there’s a time to be a bull.