Jackson Hole
QQQ SPY IWM higher high is on deck
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Last Week: I used an old account to slap a little banger
Challenge Account: 2k to $329 (down from 4.7k portfolio high)
No changes, still in a swing trade. I have some work to do to revive this account. I might add another $1k and make it a $3k challenge account. I like to do this until a new account gains traction and momentum.
Relevant Topics, News, and Data:
Monday: Fed Waller
Tuesday: FOMC Bostic / Barr
Wednesday: FOMC Minutes / 20Y auction
Thursday: Jackson Hole / PMIs / Existing Home Sales*
Friday: Powell Speaks / New Home Sales*
It looks like some FED jawboning is on the calendar to start the week. I would assume they will try to walk back the market on pricing in rate cuts.
Secondly, I am taking the home sales data pretty serious from now on, and I think the market will do the same. Any sort of improvement in housing data will be fantastic.
I was publicly bullish on X from the lows on Monday Aug. 5th. We have had a v-shaped recovery and still see ATHs on deck. The rally might slow down on SPY and QQQ, but I think the equity market indexes want to set a new higher high in the next few weeks.
If you want to see what I bought Aug. 5th, subscribe and look at this and past substacks or go into the discord.