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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 JANUARY: | ASX to rise | 3 cannabis players discuss how to view the sector through a biotech lens |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 19 JANUARY: | ASX rises 1pc | US eyes Australian market as cannabis investment fund takes stake in Lifespot Health |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 JANUARY: | ASX to rise, $A eases amid greenback surge | Battery sector cries out for more graphite as shortfall looms |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 18 JANUARY: | ASX sheds 0.8pc | Tietto Minerals appoints COO to drive development of Abujar gold project | China, Hong Kong stocks climb on upbeat GDP data |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
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    • feedid-63
    • feedid-65
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  • Charts

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    The Cotton Row Journal, week of 18-22 Jan

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    Chart of the Day: Coming Up (Smaller Companies Rally)

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    OP: Missing the Mark

    OP: Missing the Mark

    OP: Missing the Mark

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    S&P 500 repurchasers return to favor as Netflix looks at joining them

    S&P 500 repurchasers return to favor as Netflix looks at joining them

    OP: Wall Street Welcomes Biden

    OP: Wall Street Welcomes Biden

    links

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    Washington Post: 900,000 filed for jobless claims last week, a historically high level as Biden inherits worst job market of any modern president

    OP: Wall Street Welcomes Biden

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    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

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OP: Hold Onto Your Hat

Danny Riley by Danny Riley
Thursday, August 27, 2020
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OP: Hold Onto Your Hat

Market Review

GLOBEX

(ESH20:CME) GLOBEX Session(ESH20:CME) Day Session 
High 3449.00Opening Print: 3446.75
Low: 3436.75High 3481.00
Volume: 218,000Low: 3441.00

ES Settlement 3480.25

Total Volume 1.2 Milliion

S&P 500 RECAP – Trade Date 08/26/ 2020

#ES Money Maker Chart

‘Crushing New Highs’

After a sideways trade overnight, the S&P 500 futures rallied late in the Globex session to open the regular trading hours at 3446.75, up 4.0 handles, sold down to 3441.00 and reversed just before 9:00 a.m. CT when the bulls took over and never looked back. The index futures held a strong bid throughout the morning, rallying up to 3469.50 for the morning high just before 11:30. This was a 28.50 handle rally off the morning low, with only a 3.00 handle pullback during that time.

After a 7.00 handle pullback to 3461.50 during the noon hour, the ES traded sideways, coiling back up to break out once again and push to new highs. At 1:00, strong buy programs began to thrust the markets higher, as the ESU20 made its way to up to 3478.00 and then after a sudden reversal down to 3462.25, a 15.75 handle pullback, buyers once again entered the index futures as the S&Ps catapulted higher in the afternoon through the final hour to make a high of day of 3481.00 in the closing minutes before settling the day at 3180.25, up 37.50 handles or +1.09%.

In terms of price action, it was a two-sided day. Most of the morning belonged to the sellers, meanwhile, buyers had a nice, late morning retest of the lows that set up for a strong afternoon rally. Total volume was light with 1.2 million contracts traded.


Economic Calendar


Closing Prices


In the Tradechat Room

MiM


Read yesterday’s post. New day, same story. MiM was a samll +500M buy without any breadth, but the market closed into the highs. Very bullish.

Questions?  Please email me: Marlin@mrtopstep.com

Get the skinny when we get it:  Join the MiM. 


Covid-19

Top 10 Worst
Top Ten Best

We continue to track Covid-19 across all 50 states, DC, and Puerto Rico to gain a better understanding of what is happening. While detected cases continue to expand, we are not seeing the equivalent expansion in hospitalizations and deaths. Our table uses 7-day averages and takes a 5-day linear regression slope in order to detect changes as quickly as possible. We score each state by a normalized slope and ranking in each category (infected, admitted, and deaths).

All three focus states have a bit of a stall today. Florida is still leading the way for the retreat, Texas is working hard, but California remains stubborn. We are in the big numbers end of the week where big numbers can make big changes.

We continue to focus on our top 3, Florida (20M pop), Texas (30M), and California (40M) looking at daily deaths, but more importantly, changes in the count.

California is still playing catch up with the smaller Texas and Florida. Good progress on the latter two, we expect to see a move down in California the end of this week into next week.

Over / Under

These are the over/under numbers for today. In order to push the 7-day average lower, today’s reported numbers need to be lower than the target number. A new case or death number that is higher will increase the 7-day average.

Yesterday’s over/under numbers and actual are also in the table.

YesterdayYesterdayTodayToday
StateCasesDeathsCasesDeaths
Florida4,115 / 3,220174 / 1554,555119
Texas7,024 / 5,407309 / 1785,303234
California6,164 / 6,004181 / 1505,920163
New York631 / 5666 / 86015
Yesterday’s numbers are the over-under number / actual. An actual that is greater than the over-under number will send the 7-day average higher (not good) a lower number will send the 7-day average lower (good).
Use today’s numbers to watch the releases to determine the trend.

To use our table, go to https://t2r4.com/cv19/views. Each column is sortable and if you click on a cell you will get a time-based chart of the state.

Wear your masks!
Stay Home!


Chart of the Day

Dealogic – M&A down but not out since we accellerate toward the end of the year.

Our View:

Powell and New All-Time Stock Market Highs 

The short sellers can run but they can’t hide. The PitBull and I both agreed yesterday that we have never seen the likes of the current tech rally. In my humble opinion, the rally in the tech sector is 1,000 X larger than the run up to the 2000 Tech Bubble. We all know how that ended. In all honesty I never in a million years would think the S&P could rally 55% but that’s how this game is played, you have to buy into the uncertainty. Last Friday the ES made a Globex low of 3356 at 7:00 CT, rallied all day and rallied every day this week. In four sessions the ES rose 127.50 handles, 31.875 handles a day. There have been 18 trading sessions in August and only 3 have closed lower. My question is simple; how long can this go on? So many companies in the S&P are being unlisted or facing it. According to Quincy Krosby, chief market strategist at Prudential Financial ‘U.S. equity valuations stand at their highest level since the dot-com boom, the flight to large-cap, tech-related companies reflects caution rather than euphoria’ and Jonathan Golub, chief U.S. equity strategist at Credit Suisse said in a research note that  ‘the top five S&P 500 companies today have a greater share of the index’s earnings and trade at a lower multiple than the top five companies in 2000 did’. 

I remember very well how the Nasdaq rallied and rallied and rallied going into the 2000 Tech Bubble. The Nasdaq literally rallied every day. But we also knew that the rally was not going to last forever. When the Nasdaq started to reverse it was with death-defying speed.We would put big orders into the Nasdaq futures pit and the order fillers and locals would race the hell out of the orders. It was a very small pit with maybe 25 or 30 locals and order fillers and they made millions scamming the customers. It was sickening and a few even went to jail. That all said, I do not see a crash coming but I also do not think the markets can keep going up without a good pullback. 

Our view, the patterns are the patterns, gap up, sell the open, cover and look for the mid-morning low to get long. It works quite well but recently selling the open has not paid off as well as buying the early dip. It threw me off last week and it did yesterday, also. While I was looking to cover the short I neglected the long side. That is why I say sell the early  rally and buy the pullbacks or just screw the sell part and buy the dip. Today Fed Chairman Powell speaks and is going to try to convince the public that the central bank can and will deliver in the wake of a pandemic that has arguably eroded trust in U.S. institutions and put a huge chunk of the labor force on the unemployment line and that inflation will be a good thing in the long run. I am not sure how the S&P will receive this but my guess would be with skepticism. Our lean is to tread lightly by selling the early rallies and buying the pullbacks with tight sell stops. My guess is it’s going to be a busy day.

Market Vitals Technical Analysis

Did you know that your premium membership gives you access to our Market Vitals? Click on the image below and get today’s key levels.

Click to access today’s values

As always, please use protective buy and sell stops when trading futures and options.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Decisions to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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