Charles Green here, Senior Market Analyst here at Traders Agency.
Here’s today Market Pulse 360.
Market Pulse 360 for August 30, 2023
August is always a tough month for stocks – especially when combined with high short-term interest rates (Fed Funds Rate) and high long-term interest rates (Treasury yields). We saw a 10% correction on the NASDAQ, with it dipping below the 50-day moving average.
As I’ve explained, any rate north of 4% for the 10-year Treasury yield is kryptonite for stocks. However, just like all the other challenges thrown at the market over the past year, we are back above the 50-day moving average, well above 13,500 major support the NASDAQ, and knocking on the door, once again, of NASDAQ 14,000.
When you take the totality of all that has happened in the past year, just like the economy, the market has been incredibly resilient.
I believe we are headed to all-time highs, possibly this year!
The data the Fed wants to see weaken in order to remain on the sideline is in fact showing continued weakness. The ADP Jobs Report this morning was weaker than expected (177k vs. 371k) and the revised GDP was lower (2.1% vs. 2.4%) than expected. Core Personal Consumption Expenditures (PCE) and the Non-Farm Payroll numbers are due tomorrow and Friday.
We’re going into September with momentum, and headed into the holiday season where the retail sector will pick up to help sustain the move up. I believe there are a number of catalysts that will provide strength to the market going forward, including the tech sector.
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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
