🚗 Strong Market Close and a Reversal Move Higher for PENN

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Griff here with the Chart of the Day. Nice reversal today by PENN after a swing up on the ESPN rebrand failed at the 200-day MA shaking out weak longs. It was a gift for the stock to come all the way back down to form a triple bottom. Today’s bullish engulfing candle is a reliable reversal pattern and PENN should be heading to the highs in short order … [ The market closed strong and we should see a test of the 4500 level tomorrow, which may be a good sale heading into monthly expiry on Friday. Let's Go! [ [ - WIN THE WEEK: XHB Aug18 83/82 put vertical spread closed for a 14% gain Want to find YOUR winning fit? Give our Customer Care Team a call at 1-888-8772-3301 Monday-Friday from 9 a.m.-5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:support@optionpit.com?subject=) Trader's Edge: The Market Bellwether You Need on Your Watchlist I’m back again for your top news for the week in today’s Weekly Report. Here, I’ll share the biggest names to watch, behind-the-scenes trades, and which news and events are driving the market. In today’s clip, I cover: - This week’s big economic event: FOMC minutes will be significant - What’s driving markets: pay special attention to treasuries and bonds, and… - The top sectors on my radar this week: meme stocks, energy, steel industry, and tech… [Catch it all right here in today’s video…]( - Mark [( Power Income: Ten Days to the Dollars DOOM We are now only ten days away from the BRICS leaders summit in South Africa – a day that will go down as the official change to the World Monetary System. August 22-24, you will get your first look at the 23 nations committing to shift settlement of global trades from US dollars (USD) to units of BRICS currency. There are many more countries interested in applying, and this summit will set in motion massive trends in the market over the next few weeks, months, and years … [Today, I’ll preview what’s in place and what to watch for.]( - Griff AG's Views: VIX Weekend Effect in Effect From the desk of Option Pit Director of Education Andrew Giovinazzi VIX 9 day Index (Ticker: VIX9D) is 14.94. That might not sound like much, but SPX has not turned in a 16% volatility on daily close to close in a while. SPX 10 day IV is still 9.46% so something is spooking traders after the historic run in the Market Vectors Semiconductor ETF (Ticker: SMH) two weeks ago. This morning, the VIX market rose like a normal weekend, only to drip down a point from the opening. In general, that’s a drop in IV in real terms because selloffs do not hold SPX. [ There’s an FOMC meeting minutes coming out on Monday, but as a catalyst I’m not sure that will move the needle. The downgrade on the Fed Watch might rankle a bit, but I’m not sure it makes it into this meeting notes. A $1.7 trillion deficit is starting to pick up headlines as the interest is starting to get large. While the economy looks okay, the Federal Deficit is starting to make folks nervous … at least vol traders. - AG OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. Today's phrase is: Fed: The Federal Reserve, or the Fed, determines the federal funds rate and will step in or step back to aid the economy, as needed. [( DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. The materials presented from Option Pit LLC are for your informational and educational purposes only. 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