1.Its options expiration today. Thank goodness it's over. There was some wild whipsaw action throughout the week as expected.

2. Now, next week will be important as we have the Fed meeting on Wednesday Sept 20th. This will be a very important meeting for the markets. Fed Chairman Powell is expected to keep the fed funds rate unchanged, but once again the verbiage will be a market mover. yields are moving higher and this is problematic for the Fed. Today, the 2-year note yield is back around 5.04% and that must be making the central bank uncomfortable. There really isn't much room if this yield keeps rising. Even the 10-year is up to 4.31% right now.

2A. Last night we had two important earnings reports. First Adobe (ADBE) reported and the stock is trading lower by nearly 4%. The other was leading home-builder Lennar (LEN), which is also trading down by 5%. So both of these stocks could be an indication of things to come.

3. Oil prices are pulling back a little today, but they did reach the $91.00 level in overnight trade. Right now crude is around $89.78, so it is backing off. Crude is currently very overbought, but the Opec production cut has been all over the news this week. Perhaps it is an option expiration stunt as we have seen this many times.

4. Gold is catching a bid this morning. It did not have the big decline that we often see during an options expiration week. The chart looks somewhat range bound so the pattern will need to develop further to try and get a good read. Today's close will tell me more.

5. Bitcoin is also trading down a little after holding up this week. I still don't like the price action as the weekly chart is indicating further downside. My Bitcoin futures target is for a decline down to $21,500 area.

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