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To the casual observer, stocks look to be drifting around on a Lazy River ride, but the truth is, they’re consolidating their recent gains. This is actually bullish price action.

But you can sense the palpable anticipation of Nvidia’s (NVDA) earnings report, which hits tomorrow. In my view, the reaction could set the tone for the last of the summer trading sessions.

The Japanese yen, source of the carry trade that detonated markets just a few weeks ago, is beginning to come back, which warns of potential volatility, but the dollar - sacrificed on the altar of global growth - is declining now.

If that declines, I think we could see risk assets continue to outperform. Let me show you what else I’m looking at here at the end of August…

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