“Always two there are, no more no less. A master and an apprentice.” - Master Yoda

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Show Notes

I start with Yoda’s quote because there are two big forces fighting each other the past few sessions.

* Higher Yields and 7.5% 30 year mortgages

* Risk assets in stocks and the fact fewer and fewer names are holding up the world $NVDA and $TSLA for example

Breadth

* 75 New highs

* 329 New Lows

* 36% Adv / 58% Dec

* % under 50 day ma

Up big pre-market

* ES almost got back to test 4444 level overnight Monday into Tuesday

* But the ES and Nasdaq sold off at opening bell

Why do I keep hammering that you should watch breadth? Breadth was weak all morning. And 11:35am indices gave up after sideways action

2pm update

3pm rally attempt. Breath volume seemed weak vs Mondays close. I suspected a selloff.

3:30pm

Rally attempt was a dud

Strong

It was a deceptive sell off day when you compare magnificent 7, vs indices complexion vs breadth.

Weak

See above. bull should be weary of worsening breadth. 70% of shares are under the 50 day ma. (nyse / amex / nasdaq)

What to watch

NVDA reports after close Wed

Fed speakers Thu morning

Jerome Powell Fri 10:05am

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Podcast EP 34 "Always two there are" (Aug 22) 16:57 Share

Not Your Advisor

Shownotes Transcript

Podcast EP 34 "Always two there are" (Aug 22)