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Show Notes
“We are navigating by the stars under cloudy skies”
I can’t make it up. See clip below…
Breadth
51 New highs
285 New lows (Yet NQ was up 1% and dow up 274)
58% Adv / 35% Dec
71% below 50 day
What stuck out?
Jackson hole was sold off but then bought back up
Everyone perceived nothing new from Jackson Hole.
NVDA still closed down
Strong bounce in most areas after lunch.
NVDA 0.00%↑ was anchor all day dispite a bullish day
Scanned hundreds of charts and many things are dead cat bouncing up to test 50 day moving day.
SPACS
Better.com up to $17 then down to $1!!!
If you recall back during lockdowns the CEO laid off workers in mass over a Zoom call.
An email sent to staff that was read by Forbes showed that Garg had past controversy in the way he handled his workforce.
You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS…SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,” Garg wrote in a previous email.
Vin fast auto has sold less than 1k cars and they were all recalled. Yet this co is worth more than GM!
Housing
Airbnb many cities are blocking short term rentals (STRs)
Mortgage applications are as low as 2015 levels.
230pm
We closed off the lows. But we also closed off the highs as well. Never exceeded the Powell Jackson Hole peak
Strong
Afrm up 28% on earnings (buy now pay later. Another sign consumers are tapped out)
Cvna up 9%
Wday up 5%
Weak
Extr
Nvda
What to watch
Yields Yields Yields
China
Magnificent 7
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