Yields Are Not Going Down — Nick Santiago 8-14-23 #516

Daily Market Wisdom with Nick Santiago

1.It's that time of the month again! This Friday is options expiration for the month of August. As always, expect the unexpected this week. As long as the volume is light the institutional crowd will move the popular stock prices away from where the small retail options traders have placed their bets. It is also a week of ridiculous upgrades and downgrades and lots of rumors. Most of the rumors are false, but every once in a while they can be true.
2. The major stock indexes have been pulling back since late July. Everyone is now worried about inflation ticking up after the CPI and PPI report signaled that that could be happening. Either way, the August volume trends could save the markets this month, but the dreaded September will be something to look forward to.
3. Today, the financials stocks are under pressure. The Regional Bank ETF is down by 2.15%. This is still one of the most important equities to follow. Remember, in March the banks received a large liquidity injection via the special discount window. That was the start of the big rally. If the banks fall they usually all fall.
4. Oil is also retreating today. Last week, oil traded near the $85.00 area and that looks to be an important resistance level right now. This is an option expiration week so energy stocks could be all over the map. Recently, energy stocks have been very strong.
5. Gold is pulling back a little today trading down by 0.20%. gold has been trending lower recently and is now trading below the important 50-day moving average.
Silver is basically flat today. The big daily chart support level is around 21.00.
6. Bitcoin is holding up right now. The daily chart is still sloppy and choppy. The weekly chart looks constructive for more upside.
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