Large Cap Tech Triumphant to Begin September

The "FANG" names, plus PCLN, are off to a good post-Labor Day start today, with FB AMZN NFLX GOOGL perhaps indicative of some fund managers putting some money to work in large cap, liquid, glamorous issues in anticipation of a fall rally. I am looking to see if that strength spills over into the bell, since the old axiom of amateurs opening the market and professionals closing it seems apropos.

Amid that visible strength in marquee issues, it is easy to overlook a meaningful breakout today in the likes of POSCO, the South Korean steel giant. On the daily chart below, I would consider the recapturing of the 2008 crash lows (light blue line, which stretches all the way back) to be a major development. And today's strength simply reinforces that thesis. You are talking about an extremely important name in Asia to monitor, and reclaiming the 2008 crash lows should keep the deflation-crash fears at bay. 

Precious metals and miners are retaining their early strength so far, but they are not quite out of the corrective woods just yet. I will run Members through some points to consider in my usual Midday Video.