News:
Markets logged another day of buying on Tuesday.
Risk-on assets performed especially well as a U.S. Court dealt a blow to the SEC and paved the way for a Bitcoin^ ETF.
- The price of Bitcoin has surged about 7% since the ruling
- Crypto-related stocks outperformed during Tuesday’s session
The whole market enjoyed a broad rally. The indexes all closed the day with sharp gains.
- Dow Jones +0.9%
- Nasdaq +1.7%
- S&P 500 +1.5%
- Russell 2000 +1.4%
Sector Round Up
All of the 11 sectors ended the session in positive territory. Once again, risk-on stock led.
At the top…
- Consumer Discretionary (XLY) +2.5%
- Communications (XLC) +2.2%
- Technology (XLK) +2.0%
Risk-off stocks were at the bottom…
- Utilities (XLU) +0.4%%
- Consumer Staples (XLP) +0.4%
- Energy (XLE) +0.3%
The groupings above are exactly what bullish investors want to see … High-risk stocks delivering big rewards and low-risk stocks delivering small rewards.
Technicals:
The S&P 500, one of the best measure of the broader market, is pointing higher.
Yesterday’s rally alleviated oversold conditions and completed a local breakout. A look at the one-year chart makes the August selling look insignificant.
Our outlook remains bullish, but we’re not ready to start buying yet.
Your latest readout…
- The VIX is near three-year lows
- RSI levels are all neutral
- The put-to-call ratio returned to neutral
Timing:
Legendary investor Warren Buffett turns 93 years old today.
- Buffett became a billionaire at the age of 56
- His current net worth is about $120 billion
- The ideal holding time for a stock, according to Buffett, is forever
Watch your inbox for your complete September guide tomorrow morning. It’s not a bullish month.
Watchlist:
*Low Float
^Open Position
*HOLO support at $8
*TSAT support at $18
GRPN support at $12
PFIE support at $2.40
REKR support at $3.50
ESTE support at $19
TIGR support at $4.50
Secondary watchlist—float 100+ million
MREO support at $1.40
TSHA on watch
PGEN support at $1.75