A Soothing Picture Instead of Extremes

With the exception of a few notable monsters like LITE OCLR TSLA, upside momentum in this market is sputtering. While a leader like AAPL remains in contention as a long setup, the action during the final hour from the market at-large is enough for me to reduce risk a bit on the long side, though I do have some exposure on with profit cushion. 

Indeed, into the FOMC next week we could easily see the extend chips and tech names as a whole consolidate. But that need not mean the end of the bull or even a deep summer correction is imminent. Instead, we want to see if pullbacks remain supported by buyers and if charts generally stay intact on the long side.

As for the precious metals and miners, we have a few interesting takes and ideas to relay to Members tonight in the full recap.