Financial News vs. Noise
I was recently interviewed on the On the Vine Podcast: OTV EP#8 – A stock trader turned ETF entrepreneur, a lot of Options With Matthew Tuttle
Nice day in the market’s yesterday, today is day before a long weekend and a big report so don’t expect a ton. Fed head Waller came out and said there is no rush to cut rates but the bottom line for the markets at this point is that we are moving towards and easing cycle and whether or not it’s June or July doesn’t matter. Globally central banks, ex Japan, are also moving that way. On the equity side we sold a bunch of our counter trend positions into yesterday’s strength. Those are just short term moves and we would get back in on any weakness. On the bond side we flipped from long to short, however not seeing a catalyst for a major move on rates as long as the economy remains strong and inflation remains sticky.
In Mag 7 names AAPL had a U&R at it’s 10 day, which could be a reference spot for a long entry.
TSLA continues to be strong and it had a U&R at the 20 day EMA. Couple of spots that could be used as stops on a long entry.
NVDA had two red days in a row, needs to hold the 20 day EMA, which it has for the entire run. If not then you could see it sell off to $850ish.
With sticky inflation I continue to be interested in the “stuff” stocks. They have been real choppy but had some strong moves yesterday. I took profits on MOS but continue to hold CF, BTU, CCJ, and FCX.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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