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Show Notes

Want to wish subscribers and anyone in west Florida the best with hurricane Idalia coming

Summary of the day

Jobs numbers were printed and revised worse than expected. Interpretation was “yay, Powell kept saying jobs market still too tight and wages sticky high. So bad jobs = more chance of easy money. Let's buy stocks!"

Today was a very strong day and considered a potential follow through day. Usually need a broad participation of many individual shares. Not just 1 group or magnificent 7.

But it doesn’t mean it is guaranteed. One thing we are critically missing is increase in volume.

William O'Neil’s definition:

A follow-through day occurs during a market correction when a major index closes significantly higher than the previous day, and in greater volume. It happens Day 4 or later of an attempted rally. Leading up to a follow-through day, an attempted rally takes place during a downtrend when a major index closes with a gain. The rally attempt continues intact as long as the index doesn't make a new low.

Breadth

* 162 new highs

* 141 new lows

* 77% advancing 18% declining

* 56% below 50 day ma

Stuck out

The 50 day ma backtest has happened across the board.

Yields fell today. 

On Monday basic materials led. Today tech was strong

AAPL, TSLA,  MSFT, AMZN,  META all under or kissing 50 day

Goog and NVDA only 2 of 7 above

Reminder this is end of month. Historically end of month has been strong as that is when statements are emailed. 

3 day weekend, 4 day weekend for many. 5 day weekend for some. So expect low volume. 

Strong

Weak

Yields

Volatility

What to watch

Watch mag 7

Watch yields

Florida gulf coast hurricane Idalia

Crypto (are animal spirits alive?)

Economic data

https://www.marketwatch.com/economy-politics/calendar