Financial News vs. Noise
We talked yesterday about wanting to see the rally broaden, and it did. The Russell 2000 was the big outperformer and the ARKK and short squeeze names also rallied. For once the Magnificent 7 didn’t really participate, with only AAPL and NVDA in the green. Speaking of the Magnificent 7, TSLA earnings are tomorrow after the close and you now have Cramer saying it should no longer be part of the group. Makes for an interesting set up. Bunch of other big earnings reports start today, NFLX after the close is probably the biggest.
So far this morning the S&P and NASDAQ are flat while the Russell rally continues, which you want to see if you are bullish. China is snapping back a bit, but we are still short for the moment.
GEO is back on my radar screen. With Trump winning in Iowa and DeSantis dropping out, we have seen a massive rally in anything Trump related. DWAC is a perfect example.
If you missed this move I wouldn’t chase. Names like GEO and CXW could be better bets here. Could see some more upside if Trump crushes Haley in NH tonight.
Lithium names also came back from the dead yesterday, will be watching ALB.
The Argentine names had a nice rally the past couple of days after a rough start to the year. I added YPF yesterday and will be watching GGAL and IRS today.
Industrial metals and oil names look to be trying to come off the mat. I am currently short XOP and have no exposure in the metals at the moment.
Bitcoin is back below $40k and the miners are down accordingly. I do have a bit of CLSK and think there will be a trade in here somewhere.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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