EB Daily Market Report - Quick Update - Thursday, August 24, 2023
Portfolio DRAFT
Our quarterly portfolio draft will be held this afternoon, beginning at 5:30pm ET. We'll announce the stocks that will be included in each of our 3 portfolios for the next three months. There'll also be a couple changes to how we put these portfolios together and I'll be discussing that during the webinar.
Room instructions will be sent out in a separate email. If you cannot attend today's webinar live, we'll be recording it, and will make it available to everyone later today or tomorrow.
ChartLists
The following ChartLists have been updated on our website and are available for viewing/downloading:
- Strong Earnings (SECL)
- Strong Future Earnings (SFECL)
- Strong AD (SADCL)
- Raised Guidance (RGCL)
The Bullish Trifecta ChartList (BTCL) was also updated, but we're having technical difficulties sharing it on our website. If you'd like to recreate it, it's quite simple.
- Run a new scan
- Delete any default scan criteria that appears
- After you have downloaded our updated ChartLists into your own StockCharts account, select the SECL, SADCL, and the RGCL from the dropdown menu underneath the scan criteria
- The dropdown will be under "Scan Components" and then "Your ChartLists"
- After the ChartLists are selected, click "Add" and they should appear in your scan criteria
- Once you see the 3 scans in the scan criteria, simply run the scan
- You should see 70 charts in this ChartList
Quick Market Update
I'm prepping for today's portfolio DRAFT and do not have time to do a full report.
NVIDIA Corp (NVDA, +1.83%) lifted the technology stocks (XLK, -1.81%) early in the session, but those gains have not held. It appears traders are taking a "risk off" approach to tomorrow's Jackson Hole speech from Fed Chief Jerome Powell. It's hard to blame them, given the significant selloff after last August 25th's Jackson Hole speech, when Powell suggested we had "more pain ahead". A similar surprise tomorrow could result in a similar response.
However, if the Fed acknowledges that the annual core rate of inflation continues to moderate and provides a generally optimistic view that rate hikes are essentially over, I could see this speech as a major catalyst for the bulls. But what does he say tomorrow? Your guess is as good as mine.
I remain quite optimistic about the stock market in Q4 and beyond. Between now and then, however, is much cloudier. Maybe the clouds will begin to burn off after tomorrow. We'll see.
Happy trading!
Tom