Financial News vs. Noise
I was on Bloomberg TV yesterday to talk about the Brendan Wood Top Gun ETF (BWTG) you can see the recording below, I come on at around 16 minutes in:
Yesterday I mentioned the rise in commodities. Interestingly we are seeing a rise in manufacturing across the globe, which is probably the reason for the uptick in commodities. I have and continue to speculate about what the rise in rates is telling us. I think that this could be due to stubborn inflation. So you have rising manufacturing, China looking like it is coming off the mat, stubborn inflation, but a Fed that is probably going to cut rates 3 times anyway. I’m still buying dips until proven otherwise and I’m happy that commodities have finally joined the party.
Looking at the S&P yesterday’s down move didn’t even register. Will be watching the 20 day EMA which has held for this entire run. If it breaks you could do a tactical short using it as a tight stop.
Technically TLT still looks like a short here. My TLT model did flip from short to long yesterday, which I’m fine with as long as Fed heads don’t start coming out and planting no cut storylines.
I took profits in CCJ, just looks extended.
Took profits in AA, also looks extended.
TSLA got crushed on it’s vehicle delivery numbers. Would be watching that 160 area, a bounce could be a long entry, a break could be a short.
Watch the 20 day EMA on NVDA. It had an undercut and rally there yesterday and it has held the entire move.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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