Summertime Blues

NVDA is up about 2% into the final hour of trading, headed into Wednesday evening's earnings which is, no doubt, the last remaining major firm to report this summer. Of course, we also have GDP and PCE data points later in the week, both of which could easily shift expectations for a September rate cut. In addition, President Trump is as active with headlines as ever, discussing plans to potentially take more stakes in firms beyond the likes of INTC and MP. 

Simply put, although the QQQ is giving off "summertime blues" vibes today with its drifting, flattish price action, this week is still shaping up to be something beyond a mere formality leading up to Labor Day Weekend. 

Regarding actionable ideas, as we noted with Members in my full video over the weekend we simply must track crude oil and copper closely. Both of these commodities are so critical when it comes to inflation expectations. Today, the USO ETF for oil and FCX (large copper miner) are acting well. The milquetoast reaction to oil's gap up tells me just how few believers there are in a sustained move higher given the commodity's reputation for breaking hearts and ignoring bullish news. 

But that seems like the perfect setting for the actual breakout, as is the case with most commodities. $77 is your next level above to crack on USO for oil bulls.