Financial News vs. Noise
I will be speaking at the ETP Forum on the Actively Managed Exchange Traded Funds Panel at 11:50AM. I have 4 guest passes if anyone is interested.
Not a lot going on ahead of NVDA earnings. Small scare when it was reported that Amazon was halting orders waiting for an updated model, but NVDA ended up green anyway. FOMC minutes also come out today. Speaking of the Fed…
Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says-CNBC.com
“Inflation is notoriously difficult to predict and I don’t think they have any real idea what’s happening,” Howard said.
As the market continues a slow grind up, the transports are the major laggard.
I wonder if this may not be a canary in the coal mine for economic growth.
We continue to see rates and semiconductors as the main drivers here, so NVDA earnings are going to be very important. Meanwhile, rates look to be in a bit of a downtrend.
In law and order stocks GEO and CXW have been bouncing back. Planning on taking profits on those today and will wait for another dip.
Still own SWBI and AXON which are not acting as nicely.
TSLA had a big pop yesterday. For now I think the wisest course of action is to sell these types of rips, which we did. It’s down pre market. Interestingly, we have one of a few of the inverse TSLA ETFs but ours I believe is at a high water market for assets.
JPM was an easy countertrend trade yesterday as it retraced some of the previous day’s gains. We got out, but I still own XLF.
China was weak yesterday and looks weak this morning. I have FXI puts but am long BIDU. We almost bought the dip in PDD but it didn’t quite hit our level.
Gold and the miners were also weak yesterday and are looking weak pre market.
I think the dips in both of these areas are healthy and we continue to look to be buyers.
META is a name we are going to be looking at today. Will probably buy this dip as long as it doesn’t gap up.
PLTR is another name we could be buying today as long as it doesn’t gap up.
In the Argentine names we are looking at LOMA.
Not a fan, if you are going to take equity like risk you are better off buying equities. Risky Bonds Join the Everything Rally Premium paid by high-yield debt falls to near pandemic-era lows-WSJ
Bound to happen. We think the opportunity going forward is going to the ancillary services and the next set of AI names. Look for a product around this shortly. Hedge funds cut stakes in Magnificent Seven to invest in broader AI boom-MarketWatch
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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