Financial News vs. Noise
As expected not a lot going on yesterday ahead of PPI today. Don’t expect fireworks from PPI but something out of the ordinary could cause a reaction.
A couple of things stood out to me yesterday. First, NVDA was red, but way off the lows. It is also red this morning. I am currently out, but would be looking to get back in on a bigger dip, perhaps to the 10 day.
TSLA had some downgrades and got crushed. It’s also down again this morning.
It’s currently below our line in the sand and if I was trading it discretionally I would probably be short. Our counter trend model is in, our trend following model is out. I am also short in a longer term account. Interestingly, we continue to see inflows into TSLT.
GOOGL shows why you buy the dips in Mag 7 names. Their Go Woke Go Broke incident may have wiped out a non Mag 7 company, but for them it was just a buying opportunity.
Outside of Mag 7 the metals were on fire. Specifically copper.
I took profits on FCX in my trading account ,still own it in the longer term account. For breakout traders it cleared the December highs, watch out for signs of a double top.
Precious metals also. After a one day break, the rally in GDX continued.
This rally continues to feel like it should take a break also spoke to an options desk yesterday that had the same sense and are seeing clients hedging. However, the market doesn’t seem to give a f*&*(ck and keeps going up. So for now we continue to buy the dips, but put on hedges just in case.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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