Market On Open, Tuesday 13 August
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A Nothingburger With No Cheese
by Alex King
If you had your wits about you yesterday you could have had about a 1% swing in the Nasdaq (so a 3% swing in $TQQQ or $SQQQ), but if you blinked, you missed it. On the day, the market was a nothingburger for the most part. With the grownups away on vacation for the most part, volumes are low - declining daily since last Monday’s crise du jour - and true direction is yet to be set. The question really is, did the big selloff last week satisfy the seasonal Q3 dump requirements, or is there another leg down to come? I remain bullish for year end; the question of when it is safe to deploy longs once more is one of timing for me.
The charts we publish here daily can be used to plan hedging, stop-losses, profit-taking orders, you name it. Let's dive in and see how markets stand as of Friday's close, before the opioid drip begins again on Sunday night.
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Let’s Get To Work
As always in our market notes, we deal with long- and short-term charts covering the main US equity indices - that’s the S&P500, Nasdaq-100, Dow Jones-30, and the Russell 2000 - plus bonds, volatility, oil, and key sector ETFs. You can use these daily notes to help you navigate long-term investments, and/or to help you action short-term trading. Any paid-tier subscription here gets you these notes every trading day.