🚗 Silver and Gold - Get Ahead of the BRICS Summit Decision

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Griff here with the Chart of the Day. Day two at the BRICS Summit discussed creating a common unit of account alternative to the dollar. This can only mean using Gold as reference price to settle trades between the BRICS nations. Precious metals and miners gapped higher on the open with the iShares Silver Trust ETF (Ticker; SLV) closing up nearly 4% … [ Sure looks like a fake break below the 200 dma which historically is very bullish … [Join me tomorrow at 10am for a wrap up of the BRICS summit and trade ideas takeaway …]( Let's Go! [ [ - POWER INCOME TRADER: SPY Aug25 437/436 put vertical closed for a 6% 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: Bond Market Boost and Stock Surges - Midweek Update It’s Mark Sebastian, back with your Midweek Update. This week has brought some interesting market movements, with attempts at rallies, pullbacks, and notable shifts. In today’s video, we'll dive into the recent market dynamics, paying close attention to: - The bond market - Key stocks like NVDA - Potential market directions and - Upcoming earnings to watch… And here are some key points to consider: The upcoming Jackson Hole event might lead to increased market activity and is contributing to the current bond market strength. The Magnificent Seven (Apple, Amazon, Google, Meta, Microsoft, Netflix, and Nvidia) are benefiting from the bond market's movement, with several of them showing gains. And There’s huge potential for a turnaround in the QQQ (Nasdaq 100 ETF) if interest rates have bottomed. [So watch today’s Midweek Recap below]( and [don’t miss Bill and Frank’s talk tomorrow at 10:00 AM ET.]( - Mark [24).gif]( Power Income: Putin Has Thrown Down The Gauntlet Check out Putin’s first punches thrown during the BRICS Summit yesterday: De-Dollarization among BRICS nations is IRREVERSIBLE "Irresponsible actions of certain countries, such as excessive money printing, has led to great inflationary pressure globally.” The East is certainly talking about a very big game. The Saudis are next in line to join, and they did not hesitate to mix it up either as they stated. The Saudis want to challenge the supremacy of the US dollar by financing the BRICS bank and usher in a new era of financial dominance. The US Dollar shook it off and closed up on the day. The US will not be intimidated, and I think we may have a trick up our sleeve. The question is … will we use it? [Click here to find out what it is and if we’ll use it.]( - Griff Profits In Pumps: A Closer Look at RSI Let’s take a look at the Relative Strength Index, or RSI. We all have it at the base of our charts and we watch for the stock to be “oversold” or “overbought”. In his 1978 book, New Concepts in Technical Trading Systems, J. Welles Wilder, Jr introduced the Relative Strength Index. The index compares the strength of price gains on days that close above the previous day’s close to price losses that close below the previous day’s close. For all you math geeks, here is the formula for calculating the RSI: RSI = 100 - [100/1 + RS] Days used can be 5, 7, 9, and 14. The lower number of days the more sensitive and faster the RSI moves. The nine day is the most popular used. The stock is considered to be overbought if RSI rises over 70 and oversold when it falls below 30. The high and low ranges of 80 and 20 can be used also. Comparing the stock chart with the RSI chart can add even more evidence to the stock's direction. When the stock has made a new low but the RSI has not, this is a signal to buy, or a bullish divergence. Here is an example in Apple Inc (Ticker: AAPL): [ AAPL traded lower than the most recent low but the Relative Strength Index did not trade lower and the stock rallied. When the stock has made a higher high but the RSI has not is a bearish divergence and could be signaling that the stock will be trading lower. Here is an example in Block (Ticker: SQ): [ As SQ made a higher high and the RSI did not, the stock fell apart. [Continue here for a look at the bullish divergence in Honeywell (Ticker: HON).]( - Licia AG's Views: The market is mispricing JPow’s Jackson Hole speech From the desk of Option Pit Director of Education Andrew Giovinazzi The SPDR S&P 500 trust (Ticker: SPY) is running hot today on the back of Nvidia Inc (Ticker: NVDA) earnings and a rally in the bond market. I don’t think the market has some go-go vibe priced in but if the change in sentiment snaps, SPY is $450. [ I think just over 1% for the Friday SPY straddle is low. I did buy the SPY Sep01 term today for OPM. [ Traders are lifting the IV on the Aug25 so they do expect something. It should be exciting. -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: Straddle: A long call and long put at the same strike in the same series. The long straddle profits if the underlying makes a big enough move in either direction from the strike. [( 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. Neither Option Pit LLC nor its employees offer investment, legal or tax advice of any kind, and the analysis displayed with various tools does not constitute investment, legal or tax advice and should not be interpreted as such. Using the data and analysis contained in the materials for reasons other than the informational and educational purposes intended is at the user’s own risk. DISCLAIMER: OPTION PIT LLC IS NOT AN INVESTMENT ADVISOR OR REGISTERED BROKER. Option Pit LLC is not responsible for any losses that may occur from transactions effected based upon information or analysis contained in the presented materials. Specific trading ideas or strategies discussed in the presentations or materials are entirely illustrative and do not constitute the solicitation of a transaction (or transactions) or a recommendation to execute a particular transaction or implement a particular trading strategy. DISCLAIMER: TRADE AT YOUR OWN RISK; TRADING INVOLVES RISK OF LOSS; SEEK PROFESSIONAL ADVICE. To the extent that you make use of the concepts with the presentation material, you are solely responsible for the applicable trading or investment decision. Trading activity, including options transactions, can involve the risk of loss, so use caution when entering any option transaction. You trade at your own risk, and it is recommended you consult with a financial advisor for investment, legal or tax advice relating to options transactions. [ Want to change how you receive these emails? You can [Unsubscribe]( or [Update your preferences]( This email was sent by support@optionpit.com. 1-888-872-3301 [Option Pit]( | 190 S LaSalle Suite 3000 Chicago, IL 60603 | [Privacy Policy]( This email was sent by support@optionpit.com to {EMAIL} Click here to unsubscribe | [Manage Preference]( Daily Newsletters ex. Vix Edge, Pit Report, Profit in Pumps, Power Moves, Power Income, etc. Option Pit | 190 S LaSalle Suite 3000 Chicago, IL 60603