Watch List August 27th

Good Morning,

The SPY and the QQQ both continued on to new all time highs yesterday, and for now the uptrend in the market continues. We do still see a number of yellow flags out there which included a VIX that closed over some moving average and trend line resistance yesterday as well as poor market breadth and extended charts on the SPY and the QQQ, but for now we will favor the trend direction and manage risk by keeping position size very small. Today I will be travelling all day getting my daughter moved into college, so my only watch list will be the weekly watch list as well as keeping an eye on CRM and DKS which had big earnings beats yesterday and may be interesting for a continuation trade. Also please keep i mind that we have GDP and jobless claims numbers at 8:30 AM Eastern and Fed Chair Powell speaking at 9:10 AM Eastern, which could result in some volatility today.

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