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It’s tough to call them the Magnificent Seven anymore, at least with a straight face, but these stocks - once the leaders among leaders - are all down today. It’s one of the starkest reminders yet that tech is becoming a hurdle for the indexes to clear, rather than a springboard for launch.

The selloff is beginning to attract the attention of the crowd, the late money. So I’m not exactly optimistic about the prospects for new highs on the Nasdaq, but I do think we could see a new all-time high in the Dow Industrials, an index a lot of pro traders overlook.

Obviously, a run to new highs there depends a lot on what the Fed says and does tomorrow. The odds of a September rate cut, at least according to the CME Group data, are now at 100%.

In the here and now, however, I think the risk-reward picture is starting to look especially attractive in precious metals, the oldest defensive play in the book.

Video Length: 00:09:45

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