I Scream, You Scream, We All Scream for Scoops

After yesterday's selloff we have a sharp snapback rally as stocks are, once again, resting their hopes on an imminent easing of trade war headlines, namely with China. 

However, much seems to be lost in the plethora of swirling headlines, as seen by the one of the latest Charlie Gasparino tweets, below:

As you can see, even someone like Gasparino, who no doubt has a deep rolodex with connections to this White House, is forced to clarify some previous scoops about imminent trade deals and even walk them back. 

The net result of this price action in equities is that we have more wide range days. And wide range days equals a roller coaster of emotions for just about all market players, as we head into Tesla earnings tonight and the rest of the mega caps reporting within the next few weeks.

Bulls, once again, are galvanized by the rally today and assuming a good bottom is in from a few weeks back. But I still have not seen much evidence of a major bottom in place beyond a near-term, sloppy bounce. A blow-out earnings season for mega cap tech might be a bull scenario, obviously if the stocks respond in kind. But with a forward PE of 67, TSLA has its work cut out for it to smash earnings tonight, even with the stock's recent decline. 

As for gold, today marks a high sell volume reversal from stretched conditions. A local top may be in, but I am not selling my physical gold not my long-term positions in miners. 

After tagging $3,500 in the futures overnight, I still expect gold to hit $5,000 per ounce in due time.

And, frankly, that target is likely on the conservative side.