Be Willing to Say Goodbye to Summer

Take this as a quick and friendly reminder that Wall Street has an extensive history of changing with the seasons. Specifically, during various turbulent years where summer has served as a reprieve for bulls, such as this one, once the "Varsity" traders return from The Hamptons and Cape Cod after Labor Day we often see the reality of cooler weather work its way back into market psychology.

While you may think such a phenomenon is absurd, you would be surprised at how often the "stocking up for winter" mindset asserts itself after uniquely innocuous market summers. 

Either way, into the current dip we still have the Nasdaq currently overbought on the monthly chart, seen still riding its upper Bollinger Band, below in the NDX (top-100 stocks in the Nazzy). 

Although we have seen some hot action in the electric vehicle space today, such as NKLA WKHS, in addition to names like PTON UBER elsewhere, we did not see the likes of AAPL or AMZN go green. 

Headed into the end of today's session, if bears pull off a weak close you simply must be willing to say goodbye to summer...and perhaps say goodbye to the omnipresent micro dip-buying frenzy we saw since March. 

At a minimum, we should at least work off the long-term NDX overbought conditions.