Financial News vs. Noise
I will be traveling in Chicago the rest of the week, back Monday.
Yesterday our T-Rex brand ETFs finally crossed the $500M threshold.
The guys are Brendan Wood International who run BWTG do some really amazing surveys. The ask the top money managers their sense on a number of stocks and use it to compile the best research reports I have ever seen. They recently put out a report on AAPL, which I find interesting because it has sucked so bad recently.
When I woke up to a sea of red yesterday I figured we were due for something ugly. My sense was that you also want to buy the dip, which is playing out so far. Remember, Powell starts two days of testimony in front of Congress today, so way too early to start a victory lap.
A few things stick out this morning
Crypto and the miners are up big after getting crushed. I talked to Reuters about my thoughts yesterday. Instant view: Bitcoin rises to record high (Reuters)
MATTHEW TUTTLE, CHIEF EXECUTIVE OFFICER, TUTTLE CAPITAL MANAGEMENT LLC, RIVERSIDE, CONNECTICUT
"The spot ETFs are a game changer as they open up Bitcoin to a whole new group of investors that never would set up a bitcoin account somewhere."
"Nothing goes up in a straight line, and Bitcoin is going to be volatile, but this makes it a viable asset class in my opinion and something that should be traded, or a small part of your portfolio for diversification."
I continue to think you buy the dips here. I did get stopped out of BITO calls, but bought more of the miners yesterday.
TSLA is green. Will see if that can last.
Not sure what’s going on with precious metals. Some people think its moving in sympathy with crypto, which I don’t necessarily believe. I am hearing that central banks are aggressively buying as is Stanley Druckenmiller. I am back long GDX and a few of the miners.
Regional banks have been strong, and were pretty much the only green spot yesterday. I did buy some KRE calls on weakness Monday and sold yesterday. I am not currently short, but I do think any rejection of the 50 day is a great spot.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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