The Woke Street Journal
This was awesome…..
Market
The market continues to be dominated by NVDA. It looked like Tuesday’s rally was going to be retraced but at the end of the day buyers flooded in and closed the stock slightly up. The 20 day EMA would be my spot here for either a bounce or a move downward. Still think you have to buy weakness in NVDA.
JP Morgan does some good research on retail buying and according to them retail added $1.8B to NVDA this past week, buying the dip. They estimate that retail traders are up 179% YTD.
Semi’s are likely to be interesting today as MU announced earnings last night that the market didn’t take well. Looks like it would open below it’s 20 day EMA. There is some support at 135 and 130, so watch all of those levels.
Micron’s Selloff Highlights Risk of Sky-High AI Expectations-Bloomberg
Days after leading AI chipmaker Nvidia Corp. slumped by nearly half a trillion dollars, Micron shares fell about 8% in extended trading after the memory maker offered a forecast that fell short of the highest estimates.
AMD has gone the opposite way of NVDA, it’s on my watchlist today if we get a dip.
QCOM is also on my watchlist today to buy on any weakness.
Rates jumped yesterday, I think you had a Fed head talk about no cuts this year. If rates move significantly one way or the other then it will be important, just doesn’t look like that’s going to happen at the moment.
Money just seems to want to move around the Magnificent 7. Yesterday was AMZN, AAPL, and TSLA. I continue to think you have to be trading the Mag 7 names.
I continue to believe that AI infrastructure is another area you have to be trading, but it’s not easy. AI Mania Has Electrified These 2 Utility Stocks. They Aren’t Cheap Anymore.-Barron’s
But Nvidia and other big techs aren’t the only stocks riding the artificial intelligence wave. Check out two utilities. Vistra VST-3.91% has more than doubled this year. Constellation Energy CEG-5.42% has surged nearly 80%. Contrast that with the rest of the sector. The Dow Jones Utility Average is only up about 2% this year.
Kicking around the idea of doing an ETF for this as the big utility ETFs don’t cut it.
I’m not really worried about the biggest banks as they are too big to fail, it’s the regionals I think will be the problem. Biggest Banks Can Withstand Severe Downturn, $685 Billion in Losses, Fed Says-WSJ
Then again…
Bank stress tests are like Monopoly, says one former banker. ‘Do not mistake either for reality.’-MarketWatch
“Bank stress tests are fun. They are interesting. So is a game of Monopoly. Do not mistake either for reality,” said Blain, adding that the current stress tests are a “tickbox.”
“Sadly… the reality remains: a) regulators plan to address the next financial crisis by understanding and planning to fight the last one, b) financial crises keep repeating, but no two crises are alike, and c) risk is not a constant, it is constantly changing dynamic,” he said.
KRE has been all over the place but a break below the 200 day would be a short trigger.
ESG
EXCLUSIVE: Wall Street Giant Used Red State’s Pension Funds To Push Racial, Climate Agenda, Report Reveals-Daily Caller
Asset management giant BlackRock has leveraged Oklahomans’ pension funds to advance a racial and climate agenda since 2022, according to a report from conservative watchdog group American Accountability Foundation (AAF).
Missouri treasurer joins fight over 'woke' investing rules-My Courier Tribune
Secretary of State Jay Ashcroft gained an ally Tuesday in his legal fight over controversial new investing rules.
State Treasurer Vivek Malek, a fellow Republican, filed a brief in support of Ashcroft, who is being sued in federal court for attempting to limit the impact of environmental, social and governance (ESG) factors in investment decisions.
“Secretary Ashcroft’s rules are necessary,” Malek wrote. “The rules protect investors and aid in the prevention of fraud.”
Debate
Nobel Economists Bash Trump, Hail Biden in Pre-Debate Inflation Attack-Breitbart
Sixteen Nobel Prize-winning economists — all unabashed liberals — have unleashed a partisan attack against Donald Trump on the eve of the first presidential debate.
In a letter released Wednesday, the economists claim that former President Donald Trump could stoke inflation if he wins the presidency in November and implements his economic plans. It’s highly likely that President Joe Biden or even the debate moderators will cite the letter during Thursday night’s debate.
Censorship
Social media companies like Facebook are free to continue censoring conservatives according to a divided Supreme Court, over a vigorous conservative dissent.
Politics
Another Squad Member in Trouble? Rep. Cori Bush’s Primary Opponent Ahead in Poll-Breitbart
After Rep. Jamaal Bowman (D-NY)’s primary defeat in New York, a second Squad member could be in trouble, according to a new poll that shows Rep. Cori Bush (D-MO)’s opponent, Wesley Bell, pulling ahead.
Woke Companies
Things That Get Blamed For Climate Change
So I can’t eat beef because of cow farts but AI needing tons of energy is ok? Wonder if he’s just talking his book. Bill Gates Says AI’s Green Benefits Will Outweigh Its Emissions-Bloomberg
Remember this?
Microsoft’s AI Push Imperils Climate Goal as Carbon Emissions Jump 30%-Bloomberg
Border
DHS identifies over 400 migrants brought to the U.S. by an ISIS-affiliated human smuggling network-NBC News
Over 150 have been arrested, but the whereabouts of over 50 remain unknown, officials said. ICE is looking to arrest them on immigration charges when they are found.
Holy crap!!!! Mayorkas: ‘No Evidence’ Migrants Brought by ISIS-Affiliated Network Planning to Harm U.S.-Breitbart
War
Remember how Vietnam started. Biden administration moves toward allowing American military contractors to deploy to Ukraine-CNN
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.
