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1. Retail stocks are trading lower today after Walmart (WMT), Home Depot (HD and Kohls (KSS) reported earnings. Kohls (KSS) is trading down by 13.0% and this seems to be putting pressure on stocks like Macys (M), Dillards (DDS) and Nordstrom (JWN). We have more leading retail stocks reporting this week. Lowes (LOW) and Target (TGT) report tomorrow morning before the opening bell.
2. As I have said before, this Friday is options expiration for the month of August. Expect some whipsaw this week in the popular stocks. Often, stocks that are at overbought highs will see pullbacks. On the flip side, stocks that are oversold and down will often see bounces this week. This is not always perfect, but it occurs quite a bit into the Friday expiration.
3. Gold and Silver ABC pattern. Big gap up in the morning, then got slammed. Gold futures were up $25 and now lower. Silver futures are flat. We’ll be seeing a zig zag. 1 more low and the correction is over. Healthy movement. Dips get bought on an uptrend.