EB Daily Market Report - Tuesday, August 29, 2023

Dear Members.

A brief report today as Tom is in travel mode.

Some solid action today with all of the major indexes higher and with all of them back above key technical levels. At the same time, the VIX is at its lowest level since August 1 as nerves calm some as we move closer to the end of the month.

It's helping that bond yields are lower as well with the 10 year Treasury Note down substantially from its recent high of 4.36%. In fact, at its lowest today, the 10 year was at 4.06%, a full 30 basis points difference from just a few days ago, which is not hurting stocks.

The big event later in the week will be the monthly employment report with traders looking to see if jobs have cooled enough to keep the Fed from raising rates anytime soon. In the meantime, if we can hold - or better yet, add to today's gains into the close - that would have to be seen as very bullish.

Tom will be back tomorrow with his regular Daily Market Report.

At your service,

John Hopkins