Financial News vs. Noise
In case you missed it here is my Bloomberg appearance, I come on at approximately 1:28. https://www.youtube.com/watch?v=PixKuK8uO88
Markets ended up a bit weaker yesterday but really didn’t go much of anywhere. So far looking like a buy the dip on Magnificent 7 kind of day as everything except for TSLA and GOOGL where red. With the big economic news coming out Friday, which is a holiday, not seeming like the market wants to do much of anything this week, but we will see.
Looks like this came out around 8pm, will see if there is a reaction today:
S&P Global downgrades outlooks on five regional US banks to 'negative'-Reuters
I continue to believe that NYCB is not a one off situation and there will be more weakness in the regionals. The KRE chart also still looks like a short.
Had our lowest volume day in a while on SKRE but have to figure this news will generate some interest.
Big news of the day was Truth Social. I’ve talked to just about every reporter on this and it played out exactly as expected.
I ended up taking profits in the low to mid 70s on my calls and will look for spots to get back in as I think this will continue to be in “play”. Remember, this is a trading stock, not sure about the fundamentals, if there are any.
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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
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