Financial News vs. Noise
Yesterday was pretty much biding time until CPI today. I am positioned long but with some hedges, which I think are prudent up here. As I continue to believe that Fed policy is going to be the most important driver of where the market goes this year, I think this is a very important number.
Besides that a couple of things of note yesterday. I talked to Newsweek last week about Trump and the stock market: Is Trump Really Responsible for Stock Market Rally? What We Know. My point was that it is very hard for any President to move the entire market, but they can, and do move sectors. There is a reason I trade DWAC, GEO, CXW, and SWBI. I think those names are definitely being moved by the potential of a Trump return. Yesterday Trump made some comments about META on Truth Social and then on CNBC.
Puts META at an important spot here, holding the 20 day EMA. The $474.49 spot is also extremely important as it is the low of the breakout. A break below either and you don’t have any support until $400. It also puts a whole new area of the market potentially in play as we head into the election.
NVDA is the most interesting, and probably most important stock in the market at this point. It had an undercut and rally at the 10 day and is green this morning.
NVDX has overtaken TSLT as our biggest ETF, and what the Granite Shares product is doing from an AUM growth standpoint is interesting.
A name we have been waiting for some sort of dip to add is ASML, which we did add yesterday as it dipped but held support. I don’t pretend to be an AI expert, but I am told if you want to do anything in AI then you need their product.
TSLA held where it had to and is also green this morning.
Crypto miners also continue to be interesting. Yesterday I thought they would hold support and bounce, I was wrong.
While I think the spot ETFs are a game changer for Bitcoin I am not so sure about the miners. I do think they continue to be viable trading vehicles and I continue to own MARA and CLSK.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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