Market

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.

Texas hopes to start its own ‘anti-woke’ stock exchange to take on NYSE and Nasdaq-Fortune

New York might be the financial center of the universe, but Texas is hoping to chip away at that title.

Fundraising is underway for a new national stock exchange that will be based in Dallas—and BlackRock and Citadel Securities are already on board, reports the Wall Street Journal. The new market, which hopes to begin trading next year and list its first stock in 2026, is meant to be an alternative to the New York Stock Exchange and Nasdaq and avoid certain rules of those entities, including board diversity targets at Nasdaq.

ESG

Bottom line, it comes down to performance. When you use non-investment metrics to choose your stocks you run the risk of poor performance vs. those who use investment metrics. Investors Pull Out of ESG Funds Over Poor Performance-Newsmax

Close to $40 billion has been withdrawn from ESG funds this year because of poor performance, the outlet reported. This despite the funds receiving heavy backing from finance and industry titans, according to Unlimited Hangout, as well as support from the U.S. government in the "Inflation Reduction Act" and its emphasis on green energy.

Fund Managers Seen Embarking on ESG Purge Sparked by EU Rule-Bloomberg

Roughly 4,300 funds domiciled in the European Union that currently claim to pursue environmental, social or governance goals, or that carry similar sustainability-related labels, are potentially affected by new guidelines unveiled in May by the European Securities and Markets Authority, Morningstar Sustainalytics said on Wednesday.

ESMA said last month that investment funds with ESG labels or equivalent terms will need to have at least 80% of their assets under management in something that’s actually related to the fund’s name. Funds also can’t invest in companies that are on an exclusion list under the EU’s Paris-aligned benchmark rules.

Morningstar estimates that requirement may affect more than 1,600 funds and lead to stock divestments of as much as $40 billion, if asset managers decide to adjust their portfolios in order to keep their current labels.

Biden’s War On Oil And Gas Has Cost The U.S. $250 Billion In Lost GDP: Study-Daily Wire

“The Energy Information Agency had predicted that the U.S. could produce as much as 15 million barrels of oil under current trends,” the study found. “According to EIA, in the second half of 2023, U.S. daily oil production averaged 13.2 million barrels, which is close to the peak reached under Trump.”

DEI

State AGs Warn Bar That Its Law School DEI Rules Are Illegal-Bloomberg

More than 20 Republican state attorneys general warned the American Bar Association of potential discrimination violations over diversity requirements in the Bar’s law school accreditation system in a letter.

“Proposed revisions reemphasize Standard 206’s problematic requirement that law schools engage in race-based admissions and hiring,” the letter sent Monday to the ABA’s law-school-accrediting body read.

Woke

What do climate change and woke policies have to do with veterans? House passes Veterans Affairs spending bill with a host of anti-woke policy riders-Washington Times

Trump

Now they have to put him in jail on the NY case. Court Pauses Georgia Election Case Against Trump, Likely Until After The 2024 Election-Daily Wire

I think if you are against the Trump trial and verdict in NYC you should be looking at this also. Would anyone not named Hunter Biden be prosecuted for this? If not, then it shouldn’t be happening.

This on the other hand should be looked into. Talk about election interference. Pollak: Revoke the Security Clearance of Everyone Who Signed the Hunter Biden Laptop Letter-Breitbart

Finally, keep an eye on this…..

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. 

TCM 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. 


© 2024 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.