Get 100% ad-free experienceByTim KnightPublished 08/12/2025, 01:38 AMGold Pullback Extends as Risk Appetite ReturnsView all comments (0)0Good morning, and welcome to a new trading week. With the S&P 500 Futures (ES) up 0.07% and the Nasdaq Futures (NQ) up 0.03% as I am typing these words, it isn’t exactly an edge-of-your-seat opening. The only movement of note is with gold, which has had almost $90 blasted off of its shiny hide.As fond as I am of gold, I’m pleased to see this, not only because I predicted it, but because I put my money where my mouth was and shorted GDX in size.Interestingly, “digital gold” (ha!) Bitcoin (BTC) rocketed toward lifetime highs, although it seems to be burning off some of that excitement as well.Of especial interest to me is the NASDAQ, whose lifetime high (left side of chart, where the red line is anchored) is worrisome. I have a very, very large put position on QQQ expiring on October 17th, so naturally I’d like to see the NQ get zapped hard. At least it’s still below the lifetime peak and isn’t showing much gusto.A similar situation is seen with the ES, whose recent push higher also is insufficient to mark new highs.The small caps RTY have been somewhat more robust, although its own lifetime highs were set way back in November of last year (which feels like, oh, about seventy-three years ago) and aren’t represented on this chart at all.It’s surprising and a little disappointing the NQ is so resilient, because in the latest White House mob-style shakedown, a 15% tariff was announced against NVIDIA (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD) for any chips sold to China. It rattled them both overnight, but as of now they’re basically throwing some heavy-duty “what-evs” at the entire situation, which characterizes this generation of traders quite nicely.I come into the day with 30 bearish positions (29 shorts and the aforementioned QQQ puts, my one and only options position). Best of luck to you today!Gold Pullback Extends as Risk Appetite ReturnsView all comments (0)0Latest commentsInstall Our AppScan QR code to install appRisk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.© 2007-2025 - Fusion Media Limited. All Rights Reserved.