It was a steady decline most of the day.
We hit resistance on the indices, and they all reversed.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
It was a steady decline most of the day.
We hit resistance on the indices, and they all reversed.
by Ian Culley
From the Desk of Steve Strazza @Sstrazza
When investing in the stock market, we always want to approach it as “a market of stocks.”
Regardless of the environment, there are always stocks showing leadership and trending higher.
We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.
The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too.
We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.
We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics.
Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.
Now, we’re also highlighting lagging stocks on a recurring basis.
by David
From the Desk of Kimmy Sokoloff
$SPY is now above its moving average.
I mentioned two days ago in the Morning Briefing that a move above 441 can send it to 444.
Here we are.
by JC
This is the video recording of the August 2023 Mid-month Conference Call.
by David
From the Desk of Kimmy Sokoloff
We saw a nice bounce in the market today.
$NVDA reports after the bell, so that will have some importance tomorrow.
by Ian Culley
From the Desk of Ian Culley @IanCulley
The US dollar sits atop the heap.
Major global currencies, including the Australian dollar, the New Zealand dollar, the Japanese yen, the Canadian dollar, and the Singapore dollar, are limping lower against the greenback.
The long list could grow in coming sessions as momentum builds behind a sustained USD advance.
While the evidence suggests we lean in that direction, I always prepare to take the other side of a trade if and when the data changes.
So, what’s the best way to play a falling dollar?
At the risk of sounding like a broken record, I’m continuing my theme of the past week of looking for opportunities to sell premium in mostly delta-neutral options trades.
“Delta-neutral” basically means I’m looking to collect income in sideways consolidations while the broader markets sort out this current correction.
Not only is this a good tactical bet for sideways, sloppy, and messy markets, but it also provides nice portfolio diversification if you have a book of long positions like I do.
We’ve got a well-known mega-cap stock to use as our vehicle today, so let’s get to it. [Read more…]
by David
From the Desk of Kimmy Sokoloff
The dollar is rising, and it’s above its 200-day moving average. $SPY is still under resistance at 440.60.
I’ll be truthful, not many names are interesting to me. Retail is taking a beating.
Maybe we can bottom-fish, although it’s very risky.