Market Recap 8/23/23

Dow +184.15 at 34472.90, Nasdaq +215.16 at 13721.41, S&P +48.46 at 4436.01

Stocks had a strong showing today, supported by a drop in market rates and strong megacaps. The major indices all closed with gains ranging from 0.5% to 1.6%, although volume was still light at the NYSE. Today’s upside moves brought the S&P 500 back above 4,400, which acted as an area of resistance yesterday.

NVDA reported and had a blowout #, so expect good things from Nazzy tomorrow. Option action (implied volatility) signaled a 10% move either way after the report and it’s currently up about 11%.

Oil stocks came out of the gate weak then rallied. The energy complex is hanging in pretty well considering the strength of the dollar.

ORCL had a big day and went without us as I was waiting for the NVDA # before entering.


Another possible breakout name is DELL. I would trigger this one between 57.50-$58.00.  Stop 55

CXT-Beautiful little flag/coil on this one and earnings are out of the way until November. Buy range 59.25-60.25. Stop 58.50


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