8/21/23 The Hottest Investment of the Summer


Markets opened lower on Friday, and buyers pounced.

After the weak open, stocks climbed into the close and ended the week mostly flat.

The indexes posted a mixed close…

  • Dow Jones +0.1%
  • Nasdaq -0.2% 
  • S&P 500 -0.0%
  • Russell 2000 +0.5%

Investors were digesting slow growth in China and high interest rates.

Speaking of higher yields, money market funds are suddenly the hottest investment, according to a recent report.

Chart from the WSJ

Sector Round Up

7 of the 11 sectors finished the day green.

No sector ended with a change greater than 1%.

At the top…

  • Energy (XLE) +1.0%
  • Utilities (XLU) +0.5%
  • Consumer Staples (XLP) +0.4%

At the bottom…

  • Consumer Discretionary (XLY) -0.2%
  • Communications (XLC) -0.6%


The S&P 500 is trying to turn.

SPY Daily Candles – Chart by thinkorswim

Oversold conditions remain. Friday saw a spike in volume too. And it’s entered a large area of support.

Your latest readout…


It’s the final full trading week of August. 

Earnings continue this week, but the season is winding down. Here are the top names we’ll be watching this week…

  • Macy’s (M) reports Tuesday premarket
  • Lowes (LOW^) Tuesday premarket
  • Peleton (PTON) Wednesday premarket
  • Nvidia (NVDA) Wednesday after hours

Also on the docket is the Fed’s annual Jackson Hole Economic Symposium. 

  • The party starts on Thursday
  • The headline feature is Fed Chair Powell’s speech on Friday Morning


*Low Float
^Open Position

*RETO support at $5
*HKIT on watch
*GCT support at $11
*JUPW has support at $1, resistance at $1.20
*GAMB support at $13
*GROV support at $2.50 / $3
*ACIS (formerly UIHC) support at $7
GRPN support at $10, resistance at $12
EYPT support at $13
EZGO support at $2.25
TDS support at $17.50

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