Stocks are down just a bit — though, action is totally random — on the heels of a new all-time high in the Dow and a one-week low for the previously surging Nasdaq.
We don’t have any major earnings on deck for today, but Wednesday is going to be interesting with Salesforce (CRM), Chewy (CHWY), CrowdStrike (CRWD) and the biggest market mover, Nvidia (NVDA), all set to report.
Companies like Salesforce can give us clues as to what’s going on under the hood in the retail sector, so it’s super important.
I expect institutions will be playing wait and see ahead of NVDA earnings. Volume has already been light this week, and Monday is a holiday. Retail traders are pushing most of the moves right now, and you shouldn’t fall for it.
Bonds are still breaking down and it’s at the eight-day exponential moving average. I expected it to rally since rates are likely to go down. If this continues, this tells us the market is not reacting as bullish as we might expect after the Fed announcement last week that a rate cut is on the table.
So my question is if expectations for inflation are worse than they were a year ago, are they really making progress? I don’t see it! Also, volatility has NOT come down yet…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. I’m REALLY Excited About This…
As you know, I’m a big into “trading systems.”
That’s why I created both the Data Miner and the ProTrader Dashboard.
But one thing I haven’t created is an investing system…
And that’s not because I don’t want to, it’s that they’re just much harder to build.
But just recently, I got my hands on what might be the best stock system ever created…
And that’s no puffery.
The system that I’ll share with you is currently being used by some major players on Wall Street including Goldman Sachs, Merril Lynch and Morgan Stanley.
It was awarded a patent from the U.S. government, and even proven to work by Harvard Business School.
In fact, the man who built the system says it helped him beat out 16,000 market professionals to become the No. 1 ranked stock picker in North America on a website called SumZero.
And at 1 p.m. ET TODAY, Aug. 27, we’re going to share his system with you!
Not only will we test some of our favorite tickers against it, but we’re also going to hear the details behind our guest’s No. 1 recommendation right now…
From what I understand, this recommendation is perfectly positioned to thrive regardless of who takes the White House, or if the market takes a turn for the worst.
