Financial News vs. Noise
A lot going on yesterday and we haven’t even gotten to the good stuff:
S&P quarterly rebalancing
NVDA stock split
Apple developer conference
EU parliamentary elections
AAPL has rallied into the conference so a bit of profit taking could be expected yesterday. Interesting comments out of Elon though…
"If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation... And visitors will have to check their Apple devices at the door, where they will be stored in a Faraday cage." In response to comments that Apple has a history of protecting privacy, Musk tweeted "It's patently absurd that Apple isn't smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy! Apple has no clue what's actually going on once they hand your data over to OpenAI. They're selling you down the river."
Bought the dip yesterday and would like to see the 20 day hold.
Great day for AI infrastructure stocks as a few of our names rebounded nicely. Still think you need to be buying dips here.
Planning on a little profit taking today.
Argentine stocks rebounded also.
Bought the dip in gold miners on Friday and flipped back short on GDX at the close. Bulls would want an undercut and rally at the 50 day, bears want it to fail here.
Rates popped a bit but are down this morning. I’m still long TLT but the real fireworks start tomorrow.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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