Midweek Update

It’s been a relatively quiet week in the markets through Wednesday, but it feels like an uneasy quiet. Things could begin to pick up with UE, leading indicators, and Philly Fed coming in tomorrow, and options expiration on Friday.

The SPX is loafing just above the 50 day SMA, bonds are catching a breather after a mad sprint higher, and oil and natural gas are near the bottom of their trading ranges. The action is in Gold, which is continuing the run it started in late July.

End of day selling pressure has come into the stock market the last couple of days, indicating weakness, so long trading positions should be monitored closely.

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