Financial News vs. Noise
Another sell the pop day in the market. This time it wasn’t rates it was earnings. ASML missed by a fairly big margin which pulled down the entire semi space. I believe Taiwan Semi reported last night and reported better than expected numbers, but it is red so far this morning. As semi’s go, so goes this market. If we get higher rates, war in the Middle East, and problems with semi’s, that will probably be too much.
The S&P continues to look like a short with 5000 the next big support area.
Also watch yesterday’s low of 5007.26.
NVDA is testing it’s 50 day. A break would technically be a short, however I would be hesitant to short NVDA. I did buy some SMH puts the other day to hedge my AI stock longs, that’s mostly NVDA and is a slightly safer way to play.
If we do get some more weakness in semi’s I may look to finance some calls in some of the more correlated names with SMH call credit spreads. That way if the market tanks I break even.
With VIX coming down and rates tame at the moment my focus would be on semi’s.
Stock Market Today: Futures Rise After TSMC Earnings-WSJ
Subscribe to our other newsletters
Laffer Tengler Research Bulletin
Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
At Tuttle Capital Management (“TCM”), we want to help educate investors about different ways to allocate and manage assets. TCM strives to create innovative portfolio management tools coupled with investment strategies designed to help mitigate risks and potentially enhance returns.
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades.
Tuttle Capital Management is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.
© 2023 Tuttle Capital Management LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.
