Today's Hot Topic reviews positions we established this week, notes on the primary stock indexes and what we're looking for post August expiration. Starting with a macro review, the Nasdaq is approaching multi-decade highs but is extended based on an analysis of the TTM Squeeze indicator. Other indexes are showing warning signs as well. The IWM was the first index to recover after the prior correction, and if it starts to pull back it could be a leading indicator for the overall market. The bond market is supposed to represent a flight to safety, and TLT has been surging higher throughout this August bounce. Finally, the FXY (representative of the USD/JPY) is still consolidating and whichever way it breaks will have implications for equities. GLD looks good along with credit spreads on BIDU and TSLA.

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