Financial News vs. Noise
Yesterday we added to the T-REX product line with the launch of 3 new 2x long products: 2x AAPL (AAPX), 2x GOOG (GOOX), and 2x MSFT (MSFX). These are the only 2x single stock ETFs on the market. For more information:
https://www.rexshares.com/trex/
We are also pleased to announce that the TREX line has officially gone over $100M in assets.
Interesting day yesterday. CPI came in hot, which seemed to have just about everybody offsides. The bears tried to sell the market off, but the dip was bought up and we basically went no where. Today is PPI and bank earnings, so we will see. We have had Fed heads come out and try to tamp down talk of an imminent rate cut and now we have a hot CPI print, yet the market continues to hang in. Bullish on the surface and I currently have no short positions (I do run a 0DTE put strategy that often has me long SPY puts overnight however), however I wouldn’t be jumping in with two feet either. We will continue to look for dip buys, yesterday we added to energy (XOM) and utilities (NEE). Interestingly, the futures are now predicting the odds of a rate cut in March to be 75%.
Opinion: El-Erian: Investors are banking on the Fed to boost markets in 2024. That’s a shaky bet. -MarketWatch
Chances of an economic ‘soft landing’ and robust growth in 2024 are ‘tenuous,’ at best
This morning oil stocks and gold miners are in the lead, which is good because that’s pretty much all I have :). Depending on whether this move sticks and how much traction we get my plan is to probably sell some, or all, of my exposure and wait for the next dip. This market really seems to be trendless across sectors so my sense is you take gains or someone else is going to take them from you. Other commodity areas look strong as well, but’s early and a lot of this stuff doesn’t trade much pre market.
TSLA is a concern. It busted the 200 day yesterday and is selling off again pre market. They just keep getting hit with bad news. Lot of support in that 220 area , where it is currently sitting, so I may take a stab. Interestingly our TSLT is trading a ton pre market and it’s only 6am, hopefully dip buyers.
BTU in coal could be interesting. It pulled back into it’s 50 day and held.
Same with CLF
I think there’s a trade in the Bitcoin miners off the ETF approval, not sure which direction at the moment and I would be careful with any Bitcoin related positions over the weekend.
If oil gets any traction to the upside, and that’s a big IF, may look to short some travel names like airlines and cruise ships. A name like AAL could be interesting if it breaks the 200 day.
RCL could be interesting if it breaks the 20 day EMA.
To talk my own book I will also be watching the regional banks as we hit earnings season. KRE has gone up a ton since the start of November and it’s precariously below the 20 day EMA.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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