Market Observations & Charts 8-29-22
Quick observations (attached audio message for TTG Members, note TTG members receive this email Mon, Wed, Thurs and Midday Live Session Tues)
- Breadth mixed all day , no major conviction (buying or selling)
- Bonds weak again TLT -1.2% (yields higher), US Dollar ~ flat
- VIX +1% (started day +5%)
- DIA Dow stocks lead -0.1%
- Energy stocks saw "btd" again and lead major sectors. Pot stocks MSOS is strong. Utes XLE and Steel names SLX also strong. China names have given back gains.
- Bottom line: Not seeing the selling pressure we saw on Friday and VIX is almost red on the day. Also, breadth has improved over today's session. Crude is back above the 200d MA and we continue to see buy the dip in Energy when the group is down. In addition, Agriculture Commodities / names are strong.
Breadth:
% Change From Open:
Energy vastly outperforming:
TTG Weekend Watchlist names updated
(charts & triggers sent to TTG Members on 8/28)
Charts
$CL_F Crude
First time back above the 200d MA since the beginning of the month.
DBA Agriculture Commodity futures ETF
Watch for a break above 200d MA
CCJ Cameco Corporation
Update on TTG Trade of the day here - upside target will be $30.15 (entry price $26.97)
BG Bunge
Bunge Limited operates as a global agribusiness and food company. The Company buys, sells, stores, transports, and processes oilseeds and grains to make protein meal for animal feed and edible oil products for commercial customers. Bunge also produces sugar and ethanol from sugarcane, mills wheat, and corn, as well as sells fertilizers.
Making a move above recent range, I am now long BG (details in TTG Trading Room)
OXY Occidental Petroleum
From the TTG w/e watchlist, making a nice mover here with upside VPOC at $78.82 and next $81.93
MSOS Pure US Cannabis ETF
What is going on here w/ Pot stocks?!? They are actually coming out of a base & outperforming. Short term upside targets using 1hr chart are $14.04 & $14.78 using the MarketWebs Value At Price to determine VPOCs (upside potential targets)
HRB H&R Block, Inc.
Watching HRB as with all the talk of more audits, names like HRB INTU will be in demand. I have an alert at $46.37 for a long entry for now. Liking the pull back here.
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