"Recap July 25"

Stocks lost ground, with the S&P 500 falling 50 basis points to narrow its gains for the week to less than 1% with one session remaining.  The VIX popped back toward 14 and gold extended its recent pullback to sink to $1,415 an ounce while WTI crude held at $56 a barrel. Treasurys came under notable pressure, with the 10-year yield rising back to 2.08%.

"Who has a lot of money, can speculate. Who has little money, must not speculate. Who has no money, has to speculate."

A decent day for stocks with a weak opening that lasted until mid-day when buyers came in and bid stocks up filling the morning’s gap down. Most stocks closed positively with Chip stocks leading the way with huge gains on negative earnings from last year this time. This usually doesn’t last long as shorts are covering en masse as they are trapped at these levels.

"In your search for the secret of the method, do not look for a miracle, because you will not find it. You will find only the eternal laws of nature."

The trend is still up , no hedges on.

"Recap July 19"

Stocks came under pressure, with the S&P 500 finishing the week with a 1.1% decline. While Treasury yields rose with the short end under performing as expectations of a 50 basis point rate cut largely evaporated. This afternoon’s news that Iran seized a British oil tanker in the Straight of Hormuz spurred a bounce in oil prices with WTI rising above $56 a barrel, while gold pulled back more than 1% to finish at $1,425 an ounce.  The VIX finished at 14.25, the high of the day.