Market On Open, Monday 25 August
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Hair Of The Dog, Anyone?
by Alex King, CEO, Cestrian Capital Research, Inc
I was working away quietly on Friday, a weather eye on the market, pretty much a nothingburger in the early session. Looked away to work on some stultifying administrative task or another, glanced back and what did I see?
Boomage!
Moonage!
A giant party in Jackson Hole!
And then a bunch of post-hoc justification about how the Fed had abandoned its inflation targets, there were going to be 25 rate cuts in September alone and by October the Federal Government would require you to pay it in Bitcoin whilst at the same time lending it your US Dollars. Or something.
Charts are what matter now, as always. If the S&P can stay up and over its 21-day EMA, if Ether can push on up and over $5000, if the Dow can keep making new highs - these are the signposts that tell us whether the market is in bull or bear mode, not endless pontification from experts.
In the pre-market session, participants are nursing a small hangover, a punishment from biology for chugging Grandpa’s 1982-vintage potato moonshine (in fairness the only thing left in the drinks cabinet by the end of Friday). That’s not signal. That’s just a fruit drink named Regret. Today’s close will be signal.
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Now let’s get to work. Here’s our daily subscriber-only take on the US equity indices, volatility, bonds, oil, crypto, and key sector moves.