In today's episode of The Flow Show, me and Steve Strazza talk about the uniquely interesting market we currently find ourselves in, and we delve into a sector that appears to be making a long overdue turn higher, and a stock within the sector that is positioned for a potentially monster breakout.

Here's the big picture setup of Viking Therapeutics $VKTX:

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled XME position into September.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!

It's worth pointing out that despite the events over the weekend, you're not seeing any bid at all for Gold.

It's the stock market that's getting a bid. It's Bitcoin that's up 6% since Saturday.

And it's the Small-cap Indexes that are hitting new 30-month highs:

Last week I maintained my bullish directional biases even in the face of another down leg in crypto markets. Today, we're monitoring an increasing number of failed breakdowns, meaning that bulls are once again asserting control of the tape.

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

When Michael Nauss first sat down at a trading desk, his computer had a keyboard and a screen. But no mouse.

And his screen displayed an order book. But no charts.

Thus began his career as a scalper working the order book, who paid no attention at all to trends or technical analysis. He was simply trying to find spots to buy ahead of large buyers and flip the position out for a quick couple of ticks. Do this a couple hundred times per trading session and perhaps he’d have a successful day.

This was all part of Michael’s journey of learning to walk before he could run. And it is a mantra that sticks with him to this day as he himself continues to learn and helps many others learn the craft of trading.

Michael says: “Learning is often about “UN” learning.“ 

People are frequently drawn to trading by a social media personality or a brokerage advertisement, and they are like moths to the flame of fast riches and early retirement. Then they lose.

From the Desk of Steve Strazza @Sstrazza

Our Hall of Famers list is composed of the 150 largest US-based stocks.

These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Crowdstrike and Paypal.

It has all the big names and more.

It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that. Click here to check it out.

The Hall of Famers is simple.

We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.

Let’s dive right in and check out what these big boys are up to.

Here’s this week’s list:

*Click table to enlarge view

We filter out any laggards that are down -5% or more relative to the S&P 500 over the trailing month.

Then, we sort the remaining...

From the Desk of Ian Culley @IanCulley

Today’s analyst meeting was one broken record after another as we ripped through the most important charts on the market.

Not a top, never hit oversold…

Not a top, never hit oversold…

There’s a raging bull market on Wall Street right now. 

But the fun and games will come to a screeching halt if the following chart rolls over.

Check out the economically sensitive Home Construction ETF $ITB:

ITB checks both boxes.  It never hit oversold levels and is only a top if it breaks below 97. 

Plus, it’s ripping! 

Of course, we need a decisive resolution above the March high of 116.34 to confirm our bullish bias. 

But if the next bull run has legs, ITB will post new all-time highs. 

That also means lumber futures have to stop falling.

Futures have slid more than  28% beneath the March peak. If buyers are ever going to step and support higher lumber prices, this is it!

...

Today’s analyst meeting was one broken record after another as we ripped through the most important charts on the market.

Not a top, never hit oversold…

Not a top, never hit oversold…

There’s a raging bull market on Wall Street right now. 

But the fun and games will come to a screeching halt if the following chart rolls over.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to XHB position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!

It was never just large-cap Tech.

That was a lie.

And as it turns out, yesterday's gains were pretty much everything BUT large-cap Tech.

The lackluster action in crypto markets has continued. This is even in the face of yesterday's action that saw the US dollar continue it sell off as small-caps and market breadth saw its most productive day the entire year.