Financial News vs. Noise
Another slightly hotter inflation number yesterday, which continues to make we wonder how the Fed justifies cutting rates. Yes, they have probably moved the goalpost on inflation from 2% to 3%, but that still doesn’t argue for cuts. We did have weaker retail sales yesterday, so perhaps the market is grasping at that. Bottom line, they could have really sold it off yesterday but they didn’t. The NDX dipped below it’s 20 day EMA and then rallied back above, the SPX did it at it’s 10 day MA.
Interesting day in the Magnificent 7 as TSLA still can’t catch a break and NVDA had a second red day in a row. Meanwhile everyone else, except for META was extremely strong. I am assuming this is what kept the market from selling off. For people who like to trade breakouts MSFT looks pretty textbook.
MSFX had it’s biggest volume day ever.
GOOGL continues to look like it wants to fill the January gap.
AAPL moved back above the 10 day, which is what I wanted to see.
I did flip long TLT yesterday, maybe a bit early as it broke below the 200 day, but some nice support at 92.
Crypto miners have gotten crushed. Did very well for a while there buying the dips, but not so well recently. Yesterday I sold MARA and COIN. I still think spot Bitcoin is a game changer and this is just a correction in an overall bull trend. Bitcoin is getting crushed pre market, I still own BITO calls and will look at possibly adding here.
CCJ is a name I bought Wednesday when it held the 200 day, still like this set up
As much as I would like to be a bear here I don’t see how you can be with the bulls still fully in charge. I have some hedges though just in case.
Subscribe to our other newsletters
Laffer Tengler Research Bulletin
Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
At Tuttle Capital Management (“TCM”), we want to help educate investors about different ways to allocate and manage assets. TCM strives to create innovative portfolio management tools coupled with investment strategies designed to help mitigate risks and potentially enhance returns.
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades.
Tuttle Capital Management is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.
© 2023 Tuttle Capital Management LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.
