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With the /ES up 0.07% and the /NQ up 0.03% as I am typing these words, it isn’t exactly an edge-of-your-seat opening. The only movement of note is with gold, which has had almost $90 blasted off of its shiny hide.
 

As fond as I am of gold, I’m pleased to see this, not only because I predicted it, but because I put my money where my mouth was and shorted GDX in size.
 

Interestingly, “digital gold” (ha!) /BTC rocketed toward lifetime highs, although it seems to be burning off some of that excitement as well.
 

Of special interest to me is the Nasdaq, whose lifetime high (left side of chart, where the red line is anchored) is worrisome. I have a very, very large put position on QQQ expiring on October 17th, so naturally I’d like to see the /NQ get zapped hard. At least it’s still below the lifetime peak and isn’t showing much gusto.
 

A similar situation is seen with the /ES, whose recent push higher also is insufficient to mark new highs.
 

The small caps have been somewhat more robust, although its own lifetime highs were set way back in November of last year (which feels like, oh, about seventy-three years ago) and aren’t represented on this chart at all.
 

It’s surprising and a little disappointing the /NQ is so resilient, because in the latest White House mob-style shakedown, a 15% tariff was announced against NVDA and AMD for any chips sold to China. It rattled them both overnight, but as of now they’re basically throwing some heavy-duty “what-evs” at the entire situation, which characterizes this generation of traders quite nicely.
 

I come into the day with 30 bearish positions (29 shorts and the aforementioned QQQ puts, my one and only options position). Best of luck to you today!

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