The most significant insider buy on today’s list comes via a Form 4 filing by Sarepta Therapeutics Inc $SRPT director Michael Andrew Chambers.

Chambers revealed a purchase of SRPT shares with a total value of $4.9 million.

Here’s The Hot Corner, with data from August 21, 2024:

In another Form 4, director Mark A. Alexander reported the acquisition of 2,000 shares of W. P. Carey Inc $WPC, equivalent to $114,059.

Last but not least, Rep. Kathy Manning of North Carolina filed a Periodic Transaction Report declaring purchases in Garmin Ltd $GRMN and Microsoft Corporation $MSFT.

GRMN has been carving out a base since 2021. Price is pressing against the range's upper bounds as buyers absorb all the overhead supply at this resistance zone:

The line in the sand lies at the 179 level. A breakout above that zone could push prices to a fresh leg to the upside.

There's nothing to provide updates on, nor any new trade opportunities I have seen.

I am reiterating the message earlier in the week.

I think this is a good place to add long-term exposure, but do not believe it to be good for short-term trading opportunities; more patience is needed here.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled SMH position to October.
3. Closed XHB position.
4. Current status of open campaigns.

Let’s dig in!

I find myself saying this a lot these days....

But again, Mathematically, you cannot have a bear market, or a correction of any kind, without the prices of stocks falling.

And so if we know that, then shouldn't we monitor how many stocks are actually falling in price?

This is just common sense isn't it?

Well, where are the new lows?

They're non-existent...

The most significant insider buy on today’s list comes via a Form 4 filing by ProFrac Holding Corp $ACDC director Dan H. Wilks.

Wilks revealed a purchase of 149,871 ACDC shares, equivalent to $972,464.

Beryl Capital Management filed a 13G for Core Scientific Inc $CORZ revealing an initial stake of 6.00%.

Here’s The Hot Corner, with data from August 19, 2024:

In another Form 4, co-founder Martin J. Vanderploeg reported a $315,640 purchase in Workiva Inc $WK.

CORZ came public in January and has since doubled.

However, price attempted to complete a topping pattern, violating a critical level of interest at the 161.8% extension.

Still, buyers quickly repaired the damage, pushing the stock back above the neckline and trapping the bears.

As long as we’re above 8.30, the path of least resistance is...

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended August 16, 2024. This report is published bi-weekly, in rotation with The Minor Leaguers.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

Click here for a behind-the-scenes look at our process.

Whether we’re measuring increasing interest based on large institutional purchases, unusual...

From the Desk of Ian Culley @IanCulley

It’s good to be a gold bug.

New all-time highs and fresh breakouts are dotting the charts. Buy signals are flashing left and right. And even the laggards – Palladium and Platinum – are refusing to break down. 

Best of all, Gold has a one-track mind: up and to the right!

This is the video recording of the August 2024 Mid-month Conference Call.

In today's Flow Show, Steve Strazza and I assess the current market environment, post- whatever the hell we're calling what happened a couple weeks ago (Volmageddon 2?, Yen YoYo? The Carry Drop?).

It feels more and more like that was merely a footnote to an otherwise pretty robust bull market. We'll see.

Regardless, we're looking for bullish setups in this tape and an online retailer out of South Korea has our attention.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled GDX position to October.
3. Closed IWM at Profit Target and XLI for a scratch.
4. Current status of open campaigns.

Let’s dig in!

The most significant insider buy on today’s list comes via a Form 4 filing by the owner of the Dallas Cowboys, Jerry Jones.

Jones purchased an additional $36 million in Comstock Resources $CRK.

EcoR1 Capital just announced an acquisition of 273,972 shares of AnaptysBio Inc $ANAB, equivalent to $10 million.

Here’s The Hot Corner, with data from August 16, 2024:

In another Form 4, Abdiel Capital LP revealed a purchase of $25,084,824 in Appian Corporation $APPN.

ANAB is in the process of completing a multi-year reversal pattern.

Price is pressing against the upper bounds of the base as buyers absorb the overhead supply at this resistance zone.

If and when we get a decisive breakout above 38, the path of least...

The primary theme in crypto is that we have just undergone a significant rinse in bullish positioning. This is positive to see.

Although, the market does tend to take some time to shape up following this deleveraging events. We want to play crypto patiently and keeping our trading exposure light in the short-term by focusing on any relative leadership until some shape has been put in.

Equity market strength gives me further conviction to anticipate the resolution will be higher once this shaping period has completed, hence why I have increased our intermediate term bias to bullish while keeping our short-term bias at neutral.

I think the evidence points to a low of sizeable magnitude having been put in, but now the expectation is sideways price action as we enter into a shaping period.

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

From the Desk of Steve Strazza @Sstrazza

The price action from commodities has been lackluster, at best, this year. Our equal-weight commodity index is at its lowest level since early 2021.

Despite the broad weakness, gold continues to shine. The 79th element closed this week at its highest price in history.

Here’s a look at gold futures, trading at our first objective measured from the multi-decade base that resolved higher back in Q1:

As long as this breakout sticks, the bias remains higher for the yellow metal. 

On a more tactical note, gold has just completed a multi-month continuation pattern and is in the early stages of a fresh leg up:

We want to use our initial objective of 2,500 as our new floor. With a logical potential...

They tell me “volatility got crushed.” 

If not for all the commentary surrounding the historic rise and fall in the VIX, I wouldn’t have known about it.

The volatility index is simply not a part of my daily chart review. It’s not that important to me.

With the launch of our new breakout multiplier service, I’m finding this comes as a surprise to people.

The strategy is basically to get long calls or puts and bet on big directional moves.

What this means is that we will ALWAYS BE LONG VOLATILITY. 

Even when the VIX spikes to its highest level in years. We are buyers of volatility and the way I see it, we are simply price-takers.

If vol is high, well maybe there is a good reason for it.

As market technicians, we know the market is not efficient, but we also don’t second guess the way it prices things.

My mentor Brian Shannon taught me that “only price pays.” There is nothing more true in the market.

Imagine a technician looked at a...

Feels fitting to position ourselves in a company that is known for going fast. Because if this bull market is about to resume its normal operation, then this company is likely going to lead us higher, quickly.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to XLP position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!