Financial News vs. Noise
The news of the day was Jensen’s presentation after hours. I didn’t listen but it doesn’t look like the market was impressed and seeing some tweets about how it was probably over most people’s heads. I hear he did say good things about DELL, which I own in a longer term account but may have to include in my trading account. Looking at the chart I don’t like how it broke below the gap low, but yesterday could be a U&R at the 20 day.
Green day for the market yesterday but I was not impressed. Small caps were red and the S&P closed in the lower part of it’s range. Normally I see that as bullish, but it didn’t feel bullish yesterday. I knew the S&P was going to sell off and I had some 0DTE SPY puts that I needed to sell before the end of the day. Off course I gave up and sold around 3:30, right before the rally got cut in half, so you can probably blame me for that. Looks like mostly a Magnificent 7 day and that was driven by the Google news and the fact that Tesla bears probably got tired of selling. FOMC is tomorrow and anything could happen. Here’s what I told the WSJ:
Alphabet, Tesla Power Stock Indexes Higher
Matthew Tuttle, chief executive officer of Tuttle Capital Management, said he wasn’t betting against stocks at this point but was exercising caution ahead of the Fed meeting. He said he expects that “there won’t be any bullish surprise out of that meeting,” but there could be a negative surprise.
Yesterday was a buy the rumor sell the news day for SMCI. It closed right at 1000 and had a U&R at the 20 day EMA. Little weak this morning in sympathy with NVDA but have to figure this is now a name to watch.
Bitcoin getting crushed again this morning. I am still only in CLSK, which is also getting crushed, but will look to get back into Bitcoin and some of the miners are some point soon.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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