“You cannot control what happens to you, but you can control your attitude toward what happens to you, and in that, you will be mastering change rather than allowing it to master you.” – Brian Tracy
“The gap between what you say and what you do, between what you promise and what you deliver, is like a drain in the road. The drain is where water escapes, just as your power will seep away if there is a difference between your words and your actions. Ask yourself everyday, were your thoughts, words and actions aligned? Ask someone else what they saw in you too. Feedback is the food of all positive change.” – bkwsu.org
As we discussed in our latest weekly outlook video, we’ll just have to be patient as we wait for Draghi and Yellen out of Jackson Hole on Friday. We’ll be paying attention to see if Yellen can muster up some courage and show a hawkish side instead of reverting back to her dovish nature and if Draghi will act on the continuing improving picture in europe and disappoint the status quo.
Here are some overview screens for equities, GBP and risk on/off monitor:
As always, there is no substitute for real-time/live action; if you are interested in attending a daily video morning call into N.Y. with a more detailed live discussion on all the charts and ideas we highlight/review in the weekly outlook and here on the blog, you should check out our Daily Webinar Group.
“If you look around, complacency is the great disease of your autumn years, and I work hard to prevent that.” – Nick Cave
Old time blog readers have sat through more than enough rants about who looks at the Dow when talking about the market so we’ll avoid going down that route but it would be a shame not to save this tweet and add the accompanying chart:
Stock Market could hit all-time high (again) 22,000 today. Was 18,000 only 6 months ago on Election Day. Mainstream media seldom mentions!
— Donald J. Trump (@realDonaldTrump) August 1, 2017
Back to trader talk, here is where we are in terms of context:
S&P Futures have posted range of <1% for 18 days in row. Run's extended once in at least 20 years, on 30 Jan-17 (run lasted 22 days) #stocks
— Context Analysis (@MarketsContext) August 1, 2017
Now that Apple earning are out of the way and as discussed in our latest weekly outlook video, we’ll have to see how the data flow into the rest of the week shapes up. Overall the ramp higher continues but as we have been highlighting (keep an eye on updated charts posted on Twitter), there are still a lot of signs of weakness in many tech names and the transports chart is downright ugly.
Very nice action on Crude at the key pivotal 50 level, keep an eye on 48.20s for the next leg of this move as it tries to get some traction.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
“It is better to be late, and catch the right worm, than catching the snake’s tail.” – Benjamin Lee