Financial News vs. Noise
Today looks to be about the two major earnings from last night, GOOGL and TSLA. Also keep an eye on a potential resumption of the rotation into small caps.
GOOGL was slightly better than estimates but probably not enough about AI.
Google Fails to ‘Wow’ as AI Bills Mount-WSJ
Advertising business faces tough growth comparisons, while AI spending continues to surge
Would be using the 50 day moving average for longs or shorts here.
TSLA rallied big into earnings and is now getting crushed. Tesla’s Auto Woes Crash Elon Musk’s AI Dreams-WSJ
The electric-vehicle pioneer’s second-quarter numbers, reported late Tuesday, missed analysts’ expectations at most levels. The automotive gross-profit margin excluding regulatory credits—a closely watched measure of underlying profitability in the core vehicle business—came in at 14.6%, compared with consensus expectations of 16%, according to RBC’s calculation. The stock fell roughly 8% after hours.
Some support at 210 then you have the 50 day and 200 day. My sense at this point is the stock went up too far too fast and we should test those levels to the downside.
NVDA is under pressure as well, would use the 50 day for clues on whether to go long or short. I would still be looking to buy dips. Nvidia Stock Falls. What Alphabet’s Disappointing AI Spending Plans Mean for the Chip Maker.-Barron’s
But it’ll be tough for Nvidia investors to get carried away by the report, because Alphabet tempered expectations by sticking to—rather than raising—its spending guidance for the rest of 2024.
Bitcoin Price Rises. Why Donald Trump Could Give Cryptos a Boost.-Barron’s
Trump—who has sought in recent months to position himself as an ally of the crypto industry —is headlining the event with a speech scheduled for Saturday night. He’ll also host a campaign fundraiser on the sidelines of the conference.
Kamala looks like she’s reaching out to the Bitcoin bros also, could be a win/win for the bulls. Yesterday could have been a great dip buy. Would use 50 day as support.
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