1. The Weekly Initial Claims number was 1.186 million vs. 1.40 million. This is a decrease of 249,000 from last week, so that is better. The continuing claims for the week ending July 25 decreased by 844,000 to 16.107 million. Tomorrow, the BLS will report the non-farm payroll report numbers at 8:30 am ET.
2. Today, we are seeing a lot of the popular tech stocks coming under early distribution. Second tier tech leaders like Fastly (FSLY), Roku (ROKU), Western Digital (WDC), Wix.com (WIX) and others under some heavy selling pressure today. Tech names are still holding up but the money could be going to other places now. Transports such as UPS are starting to move.
3. Gold and silver just keep on rallying. $2057 spot gold and spot $28.11 silver. They've been on fire and will have a pullback at some point. It's dangerous to in at this point, but people never learn.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.