Financial News vs. Noise
Technical Analysis VS Jim Cramer 11/16
A lot of nothing from the indices yesterday, they have to consolidate gains so that’s to be expected. Once again the Magnificent 7 kept things afloat. Small caps did sell off pretty hard but have to figure that was mostly regional banks and biotechs. With no meaningful data today and Thanksgiving next week have to think not much goes on, however, that’s not always the case. I am still bullish going into year end, but near term I do think the market needs to pull back a bit so will not be too aggressive on the long side. I usually carry hedges overnight, and may bump those up a bit, will also continue to look for shorts.
On the long side was totally wrong about China and oil stocks. I am going to keep those on watch today, sometimes you have to take a couple of paper cuts to catch the big move. I do wonder why oil is going down when the economy is seemingly having a soft landing. Of course, I do not think we are having a soft landing, but the data is the only thing we have to go on at the moment. Perhaps oil prices are telling us something? My favorite watch on the long side continues to be precious metals and miners. They were strong yesterday and look to be in decent shape so far this morning. They should continue to get a headwind from lower rates and could also get a boost if we have more global turmoil and/or regional banks starting to go under. I did take ALB yesterday when it pulled a U&R at it’s 10 day. I also bought biotech (XBI) on weakness.
On the short side AX and RILY didn’t disappoint yesterday. Both companies continue to look like something is very wrong. COF is a name I had tried, and failed, to short around earnings. Going to take another look at that today as it closed a couple of cents below it’s 10 day.
I think there is also something to be done with these retailers that are rallying on earnings, just not sure what yet. I like the idea of a KSS short as it’s right around the 200 day. ROST seems to be rallying pre market, but there’s no volume yet so who knows. TGT we talked about on the video as a possible short. TJX is a short right here as well. I would love to go back to shorting ANF, but not going to force that. URBN is another one setting up well. Will need to assess once the market opens.
Subscribe to our other newsletters
Laffer Tengler Research Bulletin
News vs. Noise
Still think yesterday was an overreaction. Avoiding China Has Been a Winning Investment Strategy. But It Isn’t Easy. Chinese stocks have diverged from the rest of emerging markets, but the country still weighs heavily on other economies-WSJ
I think so, but all really good points. Is the Stage Set for a Year-End Rally? The outlook for stocks has improved, but high valuations and the impact of lofty rates on laggard sectors aren’t going away-WSJ
Not sure I agree. The next debate is when and how much the Fed cuts rates. Weaker economic numbers with progress on inflation would be good for that IMHO. Bad news is good news for stocks right now — but not for long, says this strategist-MarketWatch
At some point this has to broaden out, or something has to give. ‘Magnificent Seven’ stocks enjoyed a blistering 2023. Here’s what it would take for that rally to spill over into 2024.-MarketWatch
I can think of 5 million different ways. How you can beat ARK Innovation’s longer-term return with less risk-MarketWatch
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.
