Markets decided NOT to build on or even hold on to Wednesday’s gains during Thursday’s session.
Markets are on edge as Fed Officials gathered in Jackson Hole for the annual symposium.
The indexes all closed deep in the red…
- Dow Jones -1.1%
- Nasdaq -1.9%
- S&P 500 -1.4%
- Russell 2000 -1.3%
Sector Round Up
Not a single sector escaped Thursday’s selloff. All 11 ended the day lower…
Falling the least…
- Financials (XLF) -0.4%
- Materials (XLB) -0.4%
- Real Estate (XLRE) -1.5%
Falling the most…
- Communications (XLC) -1.9%
- Consumer Discretionary (XLY) -2.0%
- Technology (XLK) -2.3%
The market is still rewarding winners…
Appeal producer Guess (GES) soared 26% higher on Thursday. The new 52-week-high stock price was driven by a surprise profit beat and growing guidance.
- Operating profits in Q2 were 67% higher than forecast
- Management forecasts growing margins in the next quarter too
- The surge in stock price added over $250 million in market cap
The Dow Jones fell right back into oversold conditions yesterday…
History tells us the bottom is likely near … oversold conditions have never been maintained for long periods.
Your latest readout…
- The VIX remains range bound between 16 and 18
- RSI levels, the Dow is oversold, and the Russell 2000 is very close to joining
- The put-to-call ratio is oversold
This morning at 10:05 Eastern, Fed Chair Powell is scheduled to deliver remarks from Jackson Hole.
Expect knee-jerk reactions to nearly every word he utters.
*HKIT on watch
*GCT support at $12
*HOLO on watch
*TSAT on watch
GRPN support at $12
AAOI support at $14, resistance at $16
PFIE support at $2
ACMR support at $15
ESTE on watch
Secondary watchlist—float 100+ million
MREO resistance at $1.40
VFS support at $35