Financial News vs. Noise
Seeing a bit of weakness pre market, which is to be expected. Again, I don’t really see this market going anywhere while there is a disconnect between what the Fed says about rate cuts and what the market thinks. We do have PCE this morning which could help settle things a lot. Janet Yellen made a comment about inflation yesterday that could be hinting about a softer print this morning.
INTC looks like the earnings story of the day today as it had a miss and is down over 11%. That’s putting pressure on other semi’s and probably where the pre market pressure on the QQQs is.
TSLA was yesterday’s earnings story. It is currently up pre market but it’s early. I bought the dip yesterday, as did a few other people as we had over $30M go into TSLT. I don’t really see a good reference point on the chart though at the moment. has a price target of $150 on it, and quite honestly that’s the next level of support I see. I have a mean reversion trade on that gets out on any big strength today and a trend following model that gets out in the high 170s if it continues to break down.
I mentioned yesterday that I went back into gold miners, silver miners, and physical silver. I still have those positions, but PCE is either going to make me look like a genius or a moron. FOMC is next week, which will also go a long way to towards deciding how precious metals do.
Thematic investments were mixed yesterday. In law and order, GEO got crushed. I also own SWBI which was up a bit over 1%. I did decide to buy the dip in DWAC. Meanwhile, the Argentine names took off and I took some profits. Still own IRS and YPF.
Bitcoin is back above $40k this morning. I still own CLSK but will be watching the spot ETFs along with the other miners.
Continue to be short China (FXI) which is currently red.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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