{"id":195537,"date":"2023-08-29T09:45:00","date_gmt":"2023-08-29T13:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195537"},"modified":"2023-08-29T09:44:22","modified_gmt":"2023-08-29T13:44:22","slug":"some-dog-days-of-trading","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/some-dog-days-of-trading\/","title":{"rendered":"Some Dog Days of Trading"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The trading week got started on a positive note. The major indices all pushed higher on Monday, albeit on remarkably light volume at the NYSE and Nasdaq. Still, a gain is a gain for anyone who might have been looking to sell at higher prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This morning, it appears as if market participants aren&#8217;t aiming to do much of anything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The S&amp;P 500 futures are down three points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 21 points and are trading 0.1% below fair value; and the Dow Jones Industrial Average futures are down 30 points and are trading 0.1% below fair value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These moves are coming on thin volume and today&#8217;s moves in the cash session are also likely to come on thin volume (again). If market participants aren&#8217;t checked out physically, then many remain checked out mentally, finding other diversions ahead of the Labor Day weekend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are news catalysts upon which to trade, however, for those choosing to trade.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Best Buy (BBY)<\/strong>&nbsp;reported better than expected Q2 earnings and said it expects FY24 comp sales to decline 4.5-6.0% versus its prior guidance for a decline of 3.0-6.0%.<\/li>\n\n\n\n<li><em>Bloomberg<\/em>&nbsp;reports that China&#8217;s biggest banks are likely to cut rates on deposits and existing mortgages in a bid to stimulate growth.<\/li>\n\n\n\n<li>The Biden Administration named the first 10 drugs that are going to be subject to Medicare price negotiation.<\/li>\n\n\n\n<li>Citigroup upgraded&nbsp;<strong>AT&amp;T (T)<\/strong>&nbsp;and&nbsp;<strong>Verizon (VZ)<\/strong>, noting in part that the wireless business is showing signs of stabilizing, according to&nbsp;<em>CNBC<\/em>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">What&#8217;s missing is the broad market trading catalyst. That might perhaps avail itself at 10:00 a.m. ET with the release of the July JOLTS &#8211; Job Openings Report and the August Consumer Confidence Index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those releases should be drivers of the Treasury market, which has been a driver of the stock market this month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 2-yr note yield is currently down four basis points to 5.02% and the 10-yr note yield is unchanged at 4.21% after skimming 4.17% in overnight action.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, we should probably hold off using the word &#8220;action,&#8221; which seems a bit of a stretch in these dog (trading) days of August.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted August 29, 2023 &#8211; <a href=\"https:\/\/www.briefing.com\/page-one\">Some dog days of trading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The trading week got started on a positive note. The major indices all pushed higher on Monday, albeit on remarkably light volume at the NYSE and Nasdaq. This morning, it appears as if market participants aren&#8217;t aiming to do much of anything.<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[14020,3598],"contributors-categories":[13589],"class_list":["post-195537","post","type-post","status-publish","format-standard","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-market-brief","tag-market-outlook","contributors-categories-briefing-com"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Some Dog Days of Trading | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The trading week got started on a positive note. The major indices all pushed higher on Monday, albeit on remarkably light volume at the NYSE and...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/195537\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some Dog Days of Trading | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"The trading week got started on a positive note. The major indices all pushed higher on Monday, albeit on remarkably light volume at the NYSE and Nasdaq. This morning, it appears as if market participants aren&#039;t aiming to do much of anything.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/some-dog-days-of-trading\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-29T13:45:00+00:00\" \/>\n<meta name=\"author\" content=\"Patrick J. O\u2019Hare\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick J. O\u2019Hare\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/some-dog-days-of-trading\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/some-dog-days-of-trading\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Patrick J. 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