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!

From the desk of Steve Strazza @Sstrazza

Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.

We've also sprinkled in some of the largest ADRs from countries that did not make the market cap cut. 

These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.

It's got all the big names and more–but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.

The beauty of these scans is really in their simplicity.

We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.

Based on the market environment, we can also flip the scan on its head and filter for weakness.

Let's dive in and take a look at some of the most important stocks from around the world.

Here's this week's list:

...

Okay, these cryptos have stopped going down.

The number of new lows has dwindled, both in crypto and in the stock market. Bearish participation has dwindled.

Here's this week's crypto roundup. It's an opportunity for us to take a step back, set aside the distractions, and delve into the key charts shaping the crypto complex.

The most significant insider buy on today’s list comes via a Form 4 filing by the Executive Vice President and President, Retail of NCR Voyix Corp $VYX Eric Schoch.

Schoch revealed an acquisition of 21,692 shares, equivalent to $264,425.

Here’s The Hot Corner, with data from August 15, 2024:

The CEO and the CTO of Yum China Holdings Inc $YUMC both filed Form 4s for a total amount purchase of $262,538.

Last month, YUMC experienced a nasty whipsaw, making multi-year lows.

It quickly recovered, resulting in a major breakdown at a key support level.

If we're above those 2018 lows, a big counter-trend rally could just be getting started for YUMC. 

Have a great weekend. We'll be back on Monday with more insider activity.

And please...

Toronto is such a great town.

I hadn't been here since 2019.

It's fun seeing all the ADRs in the wild - Bank of Montreal $BMO, Canadian Pacific $CP, Royal Bank of Canada $RBC and so many others!

Also, the conversations I'm overhearing in the hotel lobby have been about the S&P500 and earnings. You don't hear talk like that in many other cities.

It's not surprising, as we all know Toronto is a big financial hub for Canada. But it's reassuring to experience it and watch it thrive.

The TSX is hitting new all-time highs eh!

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

1. No new positions today.
2. Adjustment to XLK position.
3. Exited XLC for a profit.
4. Current status of open campaigns.

Let’s dig in!

After breaking out of a decade-long base in 2022, Exxon Mobil Corp $XOM has been consolidating in a well-defined range above a shelf of former highs.

Price is flirting with the upper bounds of the range as buyers absorb the overhead supply at this critical resistance zone.

Here's the chart:

The most significant insider buy on today’s list comes via a Form 4 filing by MFN Partners LP.

The hedge fund reported an acquisition of 10,266,810 shares of RXO Inc $RXO, equivalent to $207 million.

Abdiel Capital LP revealed an additional $12.8 million purchase in Appian Corporation $APPN.

Here’s The Hot Corner, with data from August 14, 2024:

Mario Gabelli’s GAMCO Investors is back on our list, this time filing a 13D for Dril-Quip Inc $DRQ showing a 0.20% increase in its ownership stake.

The president and CEO of Customers Bancorp Inc $CUBI revealed a purchase of $113,832.

Over in Washington, Rep. Jonathan Jackson of Illinois revealed purchases worth between $15,000 and $50,000 in Coupang Inc $CPNG and The AES Corporation $AES.

And director David R. Ebsworth revealed an acquisition of 36,000 shares in Verona Pharma plc $VRNA.

From the Desk of Ian Culley @IanCulley

The US Dollar Index $DXY is finishing the day relatively unchanged.

Today’s much anticipated CPI print failed to move the needle for the greenback.

On the flip side, $DXY’s most significant component – the euro – is ripping toward a new year-to-date high.

Check out the EUR/USD pair completing a seven-month bullish reversal pattern, retesting its January high:

The path of least resistance now leads higher.

I like buying the euro against the 1.0958 breakout level, targeting 1.1250. But I'm out if the EUR/USD slips into its prior range.

A pop in the euro tends to weaken DXY since it makes up 56.7% of the index, acting as a bullish catalyst for stocks. 

Yet the dollar continues to hold above last Monday’s low.

Plus, the buck moved in tandem with today's stock market averages – a throwback to early last week when everything plunged hand in hand except the yen and US Treasuries.

Markets continue to digest the recent spike in volatility. I expect a good...