August 21, 2023

Markets:

Stock futures were higher Monday as Wall Street tried to recover from another weekly decline.

Investors are coming off a weekly decline as the market struggles through the summer doldrums. The Nasdaq Composite closed the week lower about 2.6%, down for a third straight week for the first time since December. Meanwhile, the Dow closed the week lower by 2.2%, its worst streak since March. The S&P 500 dropped 2.1% and posted its third consecutive losing week, which hadn’t happened since February.

Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season.

This week, investors are anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming.

Portfolio:

We enter the new trading week holding setups in S, NNDM, HPE, and CVE. Love where they closed this market on Friday for the S&P. So mechanical and another reason that tells us nothing ut algos in control through potentially Labor Day. Could begin to see some front running movement this week and next and will be watching closely to see what lots are moving. To see how the bigger players position themselves is always key. Expect a busy week ahead. Should be a fun one as we see positioning taking place. Stay patient. August is almost over! Let's have a great week.