Financial News vs. Noise
I am pleased to announce that Tuttle Capital surpassed the $1 billion in assets under management mark yesterday.
I talked about how I have seen NVDA be the only green in a sea of red and how I have seen NVDA carry the market. Yesterday was the latter. Even though personally I have been taking a more cautious approach based on some of the underlying carnage I am seeing, yesterday was still my best day of the year as a lot of the beaten down tech names that I have been buying the dips on ramped with NVDA. The economic reports yesterday were mixed, which probably helped. A weaker pre market ADP report was followed by a stronger than expected ISM Services report. This helped to keep rates moving down. The 10 year is now well below it’s 200 day moving average.
I continue to focus your attention on rates and semi conductors. As long as rates are moving down and semi’s are moving up it’s tough to be a bear here.
We saw it in full effect yesterday as they tried to sell the rally around the open until lower rates gave the bulls rocket fuel.
Speaking of NVDA, it has it’s 10 for 1 split on Monday. Often, but not always, we see buy on the rumor, sell on the news. Interestingly we saw buying in both our long and short NVDA ETFs.
Took some profits yesterday and will be taking more around the open, especially in names like AVGO and MU. On the buyside I will be looking at areas that didn’t participate yesterday like the Argentine names, Chinese names, and financials.
Looking at the charts I also see a number of buyable undercut and rally moves, specifically in gold miners, gold, software, medical devices, small caps, and transports.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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