Financial News vs. Noise
We are ringing the closing bell for TGLR on the CBOE on Thursday in Chicago. If anyone is around and wants to come please let me know.
Yesterday couldn’t really get going and the Magnificent 7, except NVDA, all got whacked. So far today looks like more of the same. I do think you need to continue to buy dips until the market tells you otherwise, but having some sort of insurance is prudent. I have some SPY put spreads and long calls on VIX. I like having both as the market could sell off and I am not totally sure what VIX is going to do. I did add to both positions yesterday. This is certainly possible:
Nasdaq has gone more than 300 days without a major pullback. Does that mean a shakeout is overdue?-MarketWatch
“… [T]he dispersion under the surface shouldn’t be ignored. Yes, it’s encouraging to see some broadening beyond the ‘AI’ trade, but the continued one-way move in many momentum names is ultimately going to have some ramifications, even if only short-term in nature,” Krinsky said.
Atlanta Fed Head Bostic came out with a note yesterday leading some to speculate he is expecting 2 rate cuts this year, not 3, which is the current Fed forecast. I happened to flip short on TLT yesterday, not on that news. So far this morning it’s up a bit. Inside day to the upside a bit on the 10 year rates yesterday after a huge drop Friday. This still does look like an uptrend to me.
Speaking of the Magnificent 7, Goldman removed AAPL from it’s conviction list yesterday and TSLA got crushed on China news. TSLA was looking like it wanted to fill the January gap until yesterday. It had also pulled a U&R at the 191.25 level I have been talking about. Now to have any real conviction on the upside I would want to see a U&R at 175.
AAPL looks ugly, would like to see it move back above the February low of 179.02.
GOOGL continues to sell off on general weakness but also it’s woke AI issue. If we had GWGB out we would be shorting it. It did pull a U&R at it’s 200 day yesterday and I did add to my personal long position.
Crypto is another area where you should be buying dips, however this is not for the faint of heart as dips here are going to be much deeper than dips in Mag 7 names. For example, I bought the dips in MARA and CLSK yesterday which at the moment is looking like I was early. MicroStrategy announced it is selling bonds to buy more Bitcoin. Not exactly sure what impact this will have, but so far this morning they are down over 10%. I do continue to think the spot ETFs are a game changer for Bitcoin.
Yesterday I took profits on SMCI. This is either going to turn out to be a great move and I will get to buy back in at lower prices, or stupid as I watch it run away from me again.
Something is going on with the gold miners as they have come off the mat with a vengeance. I flipped short at the close but will look to flip back long on any dips.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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