Stock Markets Rebound — Nick Santiago 8-23-23 #519

Daily Market Wisdom with Nick Santiago

1. The major stock indexes are trying to rebound this week after a brutal 3 weeks of selling pressure. This is due since the markets were oversold in the near term.
2. The Fed pow-wow from Jackson Hole, Wyoming officially kicks off today. We will hear from many of the fed heads today and tomorrow, but Chairman Jay Powell will speak on Friday at 10am ET. That will be the speech that every trader and investor will be waiting to hear.
3. There have been lots of retail stocks reporting earnings this week. Today, Foot Locker (FL) is blowing up after reporting weak earnings. The stock is trading down by 34% to $15.29 a share. On the flip side, Abercrombiw & Fitch (ANF) is trading higher by 22% after earnings. Playing the earnings game is certainly a dangerous endeavor.
4. Energy stocks are pulling back a little today. Crude oil is flirting with the $80.00 level right now. The big daily chart support area is around the $75.00 level.
5. Gold and gold miners are having a solid day today. Gold is trading higher by 1.0%. Earlier, I was able to close out a solid 26% winner in Barrick Gold call options. That trade was put on last Thursday. I'll likely look to reload on a pullback.
Silver is also strong today with a 3.0% pop. I still would like to see another pullback for silver, but the pattern will tell me what to do there.
6. Bitcoin is catching a bid today. I do not like the larger timeframe pattern right now so I ultimately would look for that to trade lower. The next key support level for Bitcoin futures is around the 21,000 level.
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