Endless Summer Sessions

More seeming endlessly grinding summer trading sessions, like today's, will still almost inevitably give way to higher volumes and more directional moves after Labor Day, despite how much it does not feel like it.  To be sure, the table seems set for various high stakes showdowns, be it ARKK and Cathie Wood versus Michael Burry and his shorts in ARKK, TSLA, and Treasuries. 

In addition, there is always the possibility that The Fed takes the easy way out and delays a taper yet again, in light of this morning's weak retail sales figures. Such a move to the delay the taper would be an excellent litmus test as to just how powerful the psychology of the current market is regarding The Fed backstopping equities with liquidity and thus propelling growth stocks higher yet despite rich valuations. 

One step at a time, however, as the HD RBLX earnings selloffs are also causing a bit of a hiccup on top of weak retail sales. One bright spot is ISEE, presenting at a virtual conference today. The gene therapy retinal disease play needs to clear $9.40, then $9.80 next. But the relative strength is notable, especially with small caps lower by about 1.75% on the IMW as I write this.

Overall, I suggest preserving capital, not just financial but emotional capital, too, as this sort of choppy tape in an endless summer market can drain traders just when they need their focus and energy most--In the post Labor Day period.