8/29/23 No Reason to Sell


Markets open the final week of August with buying.

Trading volume was light. And no serious sellers emerged.

From Getty Images

The indexes all opened green, trading sideways throughout the day, and closed the day green…

  • Dow Jones +0.6%
  • Nasdaq +0.8% 
  • S&P 500 +0.6%
  • Russell 2000 +0.8%

Sector Round Up

The rally was broad. 10 of the 11 sectors ended the session positive.

At the top…

  • Communications (XLC) +1.2%
  • Technology (XLK) +0.8%
  • Industrials (XLI) +0.8%

The only loser…

  • Utilities (XLU) -0.0%


The put-to-call ratio is staying oversold longer than usual…

$CPC close – Chart by thinkorswim

History tells us that, eventually, the market will balance out to a neutral stance. The longer the market stays oversold, the bigger the chance grows for a massive squeeze.

We remain in wait-and-see mode.

Your latest readout…


With just three trading days left in August, we preparing your complete September outlook.

Look for your guide to the month ahead on Thursday.


*Low Float
^Open Position

*HOLO support at $8
*TSAT support at $18
GRPN support at $12
PFIE support at $2.20, resistance at $2.40
ESTE support at $19

Secondary watchlist—float 100+ million

MREO support at $1.50
PGEN resistance at $1.75
on watch

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