Financial News vs. Noise
We have a new Free report
USING SYSTEMATIC MEAN REVERSION STRATEGIES TO TRADE LEVERAGED ETFS
Very eventful day. We thought the Treasury refunding could be market moving, it wasn’t. Then we heard the NYCB news:
New York Community Bancorp’s stock crushed on surprise loss, dividend cut and losses on two loans-MarketWatch
One of the great things about being an ETF issuer and a trader is that I can usually be a pretty good judge of timing on when to launch a product. I think SKRE fits that bill, time will tell.
New York Community Bancorp Isn’t the Only Bank Warning About U.S. Office Loans-Barron’s
Then of course we had Powell, who said he doesn’t think we get a rate cut in March. Yesterday the market took him at his word, will they continue to? Specifically he said he doesn’t think a cut in March is the “base case”.
Again, time will tell. I did some dip buying as I think the market will go back to expecting a pivot. According to Jay Singh
@SpecialSitsNews Market now pricing in 37% probability of March cut vs 60% prior to Powell speaking
I wonder if the bond market is trying to tell us something. Powell sounded hawkish to me, yet the 10yr dropped under 4%.
Maybe the bond guys weren’t expecting cuts in March anyway. Maybe they think a new regional banking crisis could force the Fed to cut sooner.
Bottom line, I think you are better off buying this dip than shorting it. Can’t be blamed for wanting to go to cash instead as we still have a ton of data this week. So far so good this morning but it’s early.
Still short China and emerging markets, but I did flip from short to long on oil stocks. Been trying to come off the bottom and got smacked yesterday.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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