Financial News vs. Noise
Looks like the market doesn’t want to do a whole lot of anything ahead of CPI tomorrow. Hearing that yesterday was the second slowest trading day of 2024 and could see that in our products as well.
A few things stood out yesterday. First was GEO which is starting to look like an AI stock.
CXW hasn’t had nearly the uptrend, but it looks like it wants to test March highs.
Lot of news about what’s going on in Brazil. A few weeks ago I wrote about taking Brazilian stocks out of our watch list, which I did. Argentina is another story. I continue to trade IRS, CEPU, LOMA, GGAL, and YPF. Took a bunch of profits yesterday and currently GGAL is the only name I currently hold. Will look to get back into the others.
GDX had a rare red day yesterday, but it looks to be up pretty nicely pre market.
After looking like it wanted to break out, volatility got savaged yesterday. The cool thing about VIX is it needs a reason to stay elevated. The even cooler thing is the VIX ETPs are designed to go to zero.
Today is likely to be boring, but after this it gets interesting again. CPI tomorrow may shed a bit more light on Fed rate cuts. Then earnings start for real on Friday. As I said yesterday, if rate cut expectations move down then earnings have to kick some ass.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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