Charles Green here, Senior Market Analyst here at Traders Agency.
Here’s today Market Pulse 360.
Market Pulse 360 for August 10, 2023
The NASDAQ hit a 10% correction from highs (15,000) yesterday, meeting the technical definition of a correction (down to 13,500). Hence, the correction is nearly over or over already.
There was a big rotation from tech, which was the highest gainers for the year, back to energy. The energy sector had been underperforming by -10% this year, while the tech sector had been up 30%.
This does not mean the bull market is over, just corrected from being overbought for the year, relative to other sectors.
The Dow is playing catchup with this rotation from tech to industrials with the broadening out of the market. Tech leadership will re-emerge with all of the catalysts we have going forward, and with the recent correction. There’s no need to be concerned; this is a matter of time-frame and exercising patience.
We also had the CPI report this morning, which was favorable, indicating that inflation is still low (up 0.2% M/M) and not increasing, as some “analysts” expected. We’re in good shape, and the Fed may be less inclined to raise rates next month.
Regardless, as I have previously stated, the Fed is done or nearly done with rate hikes, which is good news for the all-time highs this year.
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A Bit More About Me
My specialty is understanding financial markets and the drivers that influence longer-term direction. I’ve been an active trader focusing primarily on stocks for over 20 years.
I’ve also:
- Been an adjunct finance professor for nearly 20 years
- Worked as a financial consultant with Merrill Lynch managing millions of dollars
- Earned a Master of Science Degree in International Business and Finance from Georgetown University and a Bachelor in Arts Degree in International Studies from George Mason University.
- Spent 14 years as a Marine (I enlisted at age 17) traveling all around the world
My education, work and life experience gives me a broad view of the world, financial markets, and life in general that informs my trading and investment decisions.
My passion is helping others to take advantage of the best market opportunities to achieve their financial goals.
This gives me the greatest satisfaction, and it’s the reason why I continue to teach in the classroom and outside of it today with every activity in which I engage. I believe that I succeed only if clients succeed.
I am a very unlikely success story. And this is only because I believe that anything is possible with the right knowledge, focus, and winning mentality! When you have that, success is just a matter of time.
Charles Green
Senior Market Analyst, Traders Agency
