Financial News vs. Noise
The market continues to recover from a tough start to the year. Yesterday we were back to the Magnificent 7 again, even TSLA was green. Remember TSLA earnings are today. Again I will reiterate you want to buy the dips in these names. Small caps, which were the strongest area on Monday, were the laggards yesterday. Most interesting was that higher rates couldn’t derail stocks.
The 10 year is now well above 4%. This would continue to give me some pause here. As I have always said, if the bond guys are thinking something different than the stock guys, I’m betting with the bond guys. Keep an eye on rates.
Yesterday we got news that China wants to use some offshore funds to support it’s stock market. I am still short FXI for the moment but I’ve also added BABA to my watchlist on the long side.
Commodity names are finally starting to take off. These guys can be volatile and this could be a headfake but I did add AA and ALB yesterday.
CCJ, which I already own, found support.
DWAC is down this morning after Trump’s NH victory. Could be a bit of a sell the news move or due to Haley doing better than expected. Kicking myself for missing this as I talk to the media about DWAC all time, yesterday was CNN and Business Insider. Still like playing it through the self defense/crime names like GEO, CXW, AXON, and SWBI.
Bitcoin is back above $40K this morning. I continue to believe that the spot ETFs are bullish. I currently have CLSK in the miners and will be watching the sector today.
Homebuilders got crushed yesterday on earnings so we went long XHB as it pulled into support and held. This is a short term mean reversion trade for me only, can’t justify buying and holding homebuilders up here.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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