BlackRock just filed for a "Nasdaq Top 30" Stocks" ETF.

That's the top

This is the company that runs the iShares ETFs.

NOW is when they want to launch a vehicle for investors to buy ONLY the top 30 Nasdaq stocks?

Now?

Where was this 10 years ago?

To me, this type of sentiment is just further evidence that Technology has peaked as a percentage of total market cap in the stock market.

This sort of top-heavy hype is confirming what price is already suggesting.

Look at Technology hitting new 10-month lows today relative to the S&P500:

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

1. No new positions today.
2. Adjustment to XHB position.
3. No exits since the last report.
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 Blue Star Exploration Corp, which purchased $21 million worth of Comstock Resources $CRK.

Control Empresarial de Capitales S.A. continues to buy shares of PBF Energy Inc $PBF and Talos Energy Inc $TALO.

Here’s The Hot Corner, with data from August 7, 2024:

The CEOs of Intel Corporation $INTC and Vimeo Inc $VMEO both filed Form 4s revealing purchases of their own stock.

Impactive Capital filed a 13D for Marriott Vacations Worldwide Corporation $VAC revealing an increase in ownership from 7.42% to 8.60%.

Director Pauline Richards bought 2,351 shares in Apollo Global Management $APO.

APO has entered a corrective phase, falling almost 25% off its highs in the last few weeks.

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.

Now, we're also highlighting lagging stocks on a recurring basis.

Welcome to the Short Report.

We...

The stock market likely has a couple of aftershocks left in it. But if the worst is over, I have to believe this is a great opportunity to buy the dip in some names that will be beneficiaries of the AI boom.

And there are few bigger and well-positioned names than Microsoft.

This market environment still demands that we define our risks and we're going to leverage elevated volatility in a way you might not expect to express our bet.

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

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

Let’s dig in!

What do you do when the stock market sh*t hits the fan?

Be honest.

Do you tend to freak out and panic into quick exits? (if so, you aren’t alone!)

Do you recoil in fear and call it “zen detachment?” (there are more of these than you know!)

Do you get busy reading everything you can, talking to everyone you can, and watching all the financial TV you can to try to figure out why this volatility is happening?

Do you stoically go down with the ship turning your trades into investments?

We all have our different ways of dealing with the mental volatility that stock market volatility stokes in all of us. These past couple of weeks have revealed new things to ourselves.

The feeling of gratitude that I have this morning is overwhelming.

So I just wanted to take a moment to say Thank You.

The most significant insider buy on today’s list comes via three Form 4 filings by the CEO and president, the CFO, and a director of MGM Resorts International $MGM.

The chief financial officer of Royal Caribbean Cruises Ltd $RCL, Naftali Holtz, disclosed an acquisition of 5,350 shares, equivalent to $749,000.

Here’s The Hot Corner, with data from August 6, 2024:

The CEO of Blackstone Mortgage Trust $BXMT and one of the company's directors announced acquisitions totaling $1.2 million.

The CEOs of Pebblebrook Hotel Trust $PEB and AGCO Corporation $AGCO both filed Form 4s revealing purchase of their own stock.

RCL resolved higher from a multi-year basing pattern this year, ripping to new all-time highs.

Fast-forward to today, and price pulled back to the breakout level.

It's finding support at a shelf of former highs that coincide with an...

These tapes are a perfect time to hunt for leadership. More often than not, when the tide inevitably shifts back to a buyer-driven market, the assets that showed strength in a weak tape continue to lead.

While on this recent correction the selling has been indiscriminate, we're spending the next week or two to assess any relative leaders.

Two days into a recovery, we've seen the DePIN and memecoin space show some leadership. Today's note covers a few tokens within these groups leading this strength, as well as providing a brief market update.

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

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

Let’s dig in!

In order to have a bear market, or a correction of any kind, the prices of stocks need to fall.

That's just math.

But you know what hasn't happened? We really haven't seen the new lows list blowing up at all.

You would think that Monday would have seen a lot of new 52-week lows, considering the VIX practically tripled overnight, for the first time in the history of the stock market.

Rocket Companies $RKT has surged to the upside, resulting in our RKT 9/20 $20 calls doubling in value!

The contract traded at over $1 yesterday, giving us an excellent opportunity to sell half the position, effectively reducing the cost basis to zero. 

*** The calls are currently trading around 0.80 at the time of this note. Depending on ones entry price, we want to enter limit orders to take ½ the position off at a double (if have not already done so). ***

We aim to secure profits like this as quickly as possible, and then enjoy a "free ride" with the remaining calls.

This approach embodies the core of the breakout multiplier strategy.

The idea is to put ourselves in a position where we can either win big OR lose nothing as often as possible....