Yesterday markets slowed the bleeding and even turned positive for a brief moment.
But in the end, the bears claimed victory … 68% of all stocks lost ground.
Of the major indexes…
- The Dow fell the least with a 0.6% decline.
- The Nasdaq was the worst performing index dropping 1.0%.
2 of 11 sectors found enough buyers to close positive.
- Energy (XLE) rose 1.5%
- Utilities (XLU) climbing 0.3%
One notable story on this front came from the Washington Post. A new report said it could be a new day for nuclear energy.
- According to the report, both the EU and Japan are looking to use nuclear energy to combat the energy shortage.
- Nuclear energy has been on the decline since the 2011 Fukushima disaster.
Here are the top uranium stocks to watch…
- Uranium Energy (UEC)
- NexGen Energy (NXE)
- Energy Fuels (UUUU)
And the biggest loser was…
The Technology Sector (XLK).
- It fell by 1.3%
- It was the only sector drop more than 1%
The Economy Is Getting … Better?
A survey from Lendingclub said fewer America’s are living paycheck-to-paycheck.
According to the report…
- 59% of Americans live paycheck to paycheck
- Down from 61% in June
- But still higher than 54% from a year ago
Bed Bath & Beyond (BBBY^) climbed 25% during Monday’s trading session.
- The so-called meme stock is on the rise again in the premarket. At writing, its up another 12%, above $15
- The stock is now about 50% off its high of $30 earlier this month
- Yesterday’s move was driven by raw speculation.
Shares of GEO Group (GEO^) are now up 25% since famed short seller Michael Burry disclosed his stake in the company.
Bitcoin^ reclaimed the critical support level of $20K
- The market is still exhibiting some “risk on” behavior
- Individual investors as a whole are buying this dip, not selling it.
The put-to-call ratio closed at its highest level since June.
This chart shows you exactly what happened in the weeks that followed…
Compare the two candlesticks in June to the previous two trading days.
- Futures are higher
- RSI levels are neutral
- The VIX is on the decline … nearing the critical level of 25
Nothing to add today…
Your September outlook will be delivered tomorrow morning.
*NERV is on watch
*RVPH is on watch
COGT support at $16
VERV support at $37
AREC support at $3
FLNC support at $19
DXLG support at $5.50
DNOW support at $12
^GEO support at $8.50
TCRT resistance at $3
^GERN resistance at $2.50
TAL on watch
GSAT support at $1.80