Financial News vs. Noise
There is a reason I have been buying the Magnificent 7 on dips. Again, I do not see how they repeat last year’s performance, but I also don’t see them going down too much as long as this market continues in an uptrend. Last night we had killer earnings from META and AMZN, not so much from AAPL. Of course so far the only ones who have had great earnings are the ones we haven’t launched ETFs on, but we still have hope with NVDA.
Yesterday I also wondered what the bond market knew that the stock market didn’t. Yields are now near December lows even though it seems like Powell took a March rate cut off the table.
I bought the dip on Wednesday and did take some profits yesterday. Cut some of my AMZN but not META, sometimes it’s better to be lucky than good.
NFP is this morning and after Powell I have to think this number is huge. Another binary event that could go either way.
One area we got fully out of yesterday is the gold miners. Cool number and they probably rip but will be looking for a dip to buy back in.
Regional banks continued to tumble and SKRE had it’s best volume day since inception. Planning on doing a webinar today with an analyst whos been bearish on regional banks for a while and has a great understanding of the issue, should have a recording to post somewhere.
ZIM is a name that I could start to get interested in again.
I caught some of the first part of the move up, but missed the second and didn’t want to chase. Cramer came out positive on it Wednesday so it got crushed yesterday. Still a double in 2 months but could be a good spec name to add to my models.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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