Dog Days of Summer: We All Have it Coming, Kid

The plot for the great Clint Eastwood film, Unforgiven (1992), is set in the fictional town of Big Whisky, Wyoming, which makes me think of next week's Jackson Hole Symposium in the same state. 

With events kicking off on Thursday, and Janet Yellen speaking there for the first time in two years, the market may very well stay in a holding pattern until then. Of course, Labor Day weekend is the following week after that, so we may see a punt into the holiday, as well. 

Either way, we are looking at the dog days of summer in this summer. The action, overall, is rather slow, with dip-buyers defending below but not pressing when attempting to make a surge higher. Still, it is tough to turn too bearish if bears cannot so much as hold the indices below their respective 20-day simple moving averages. 

The Dollar and metals are at interesting junctures into Jackson Hole, which I suspect will commence their next directional moves depending on how Yellen's remarks are construed. 

Stocks which have been ramping and potentially waking up as newfound leaders, like YELP, are worthy of attention regardless of the season and macro. To be sure, many charts remain firm: We just need to see if they are gearing up for that leg higher when the market is at full strengta after Labor Day.