Financial News vs. Noise
I was on Bloomberg TV yesterday to talk about the Brendan Wood Top Gun ETF (BWTG) you can see the recording below, I come on at around 16 minutes in:
Interesting day yesterday, in the morning it looked like the bulls wanted to ramp the market on an in line PCE and some AI news. Later on it looked like they wanted to sell it off, and we closed pretty flat. This morning is looking flat to down. A few things stood out:
Gold and miners continue to rally
A lot of speculation around as to why, which I’m not that concerned about. Coming into the year I thought gold miners were going to be a place to be. I was horribly wrong for 2 months but now they are working out. Looks extended here though.
Industrial metals continue to be strong although AA and FCX closed off the highs
CCJ broke out
Along with the gold miners, I also thought the commodity stocks would be a place to be this year, finally starting to work out. All of this stuff looks extended at the moment, but something is going on here so it is going to be an area of focus.
Rates jumped and are near the highs of the year. Makes me wonder what the bond guys are thinking. Seeing some debate on whether the Fed will even lower at all this year. Hearing Powell it seems like he wants to cut rates no matter what, but the bond guys know better than I. This is something you ought to keep an eye on.
If rates continue to rise then watch the regional banks
SKRE is flat since launch, so far I haven’t been right or wrong on my regional bank thesis. I still think I’m right though.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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