Calling market tops is hard - and the trading landscape is challenging. Right now you have some hedging of previously outperforming big-caps; with mixed views emanating from Wall Street. For instance, Bank of America is warning, at the same time Goldman Sachs 'reluctantly' says melt-up can continue.

Well, the big-caps are not melting-up; they're defrosting while rotation prevails to help the Indexes (for now); as small-cap tech dominates the hedge fund or 'retail' investor that realizes the percentage gains (leverage) favor the smaller; especially those with funding needs achieved, and favorable growth looming.

Let's keep it simple. It's August, nothing changed; this month's Expiration is now behind, and we envision some interesting rebounds in a handful of favored speculative stocks; some of which is already evident. A lot of graphics this weekend tell enough of the story.

Market X-ray: risk assessments suggest the current structure should prevail just a bit longer for S&P although obviously traders (more so than investors) view mega-techs as having entered a consolidation or even profit-taking time, while the smaller-cap techs (some big shots mostly disdained or said they did, of course perhaps doing the opposite in-actuality)..small new-era is 'in-vogue'.

Bottom-line: stressful week concluded quite well; and we envision more S&P grinding in the foreground, while smaller-cap techs regain background steam.

Enjoy these days out of the casino; get some rest and the pit boss will protect your chips while away from the table (so to speak). And speaking of casinos..

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