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1. Apple (AAPL) and & TSLA (TSLA) both split this morning. Remember, a split does not really change anything. The market cap is still the same. It should be noted that both of these stocks ran up into the split so they could be due for a pullback of some sort very soon. Stocks are clearly overbought. When will Tesla be put into the S&P 500? That’s the question. Short sellers have lost at least $25 billion in Tesla. Musk is the master of the news flow.
2. This is the final trading week before the Labor Day holiday. So volume trends are expected to be very light. Barring any major geopolitical events, I don’t look for much upside or downside this week. Just a quiet week overall.
3. Mixed tape today. Indexes down except NASDAQ which is 50 points. JV squad is on duty. The A Team is watching closely on their phones.
4. Gold and Silver: gold is down on the future. Silver futures up half a buck. Volume has been up in the sector while the broader market is down. New speculators are being attracted. Silver is stronger on the charts than gold. Once silver breaks $30 we go to $35.25 and $50 is getting closer. A lot of work to do. Again, it broke out from a low, very bullish. Above its 20 day moving average. Gold is just below its 20 day moving average.