MARKET DAILY

Market 08/28: Market seeks shorts-cover rally in week with lots of economic data

China issues market rescue package while European economic data continues to be gloomy

Market opens last trading session of August much more stable post-Jackson Hole with clear money rotation into stock sectors that faced heavy pressure last week. Commodities, energy, and industrials surged after China's economic support package last night, pulling Asian stocks back into recovery.

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With volatility dropping sharply post-Jackson Hole, most net negative short-term gamma disappeared from the market last week helping create momentum for a shorts-cover rally right from the opening bell with current key gamma pivot level focused at 4400/440~SPX/SPY.

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