The H.E.A.T. Formula
August 9, 2024
May 29, 2024

Financial News vs. Noise

All The News That Isn't Fit To Print

Another day dominated by NVDA. The catalyst seemed to be Elon Musk’s xAI capital raise, but my guess is it is just more people realizing they have to own the stock. The S&P is now up 11.24% ytd, the Magnificent 7 account for 60% of that gain, and NVDA alone accounts for 35%. Is that sustainable? We will see, markets firmly in the red this morning.

This is a concern. We had some poor bond auctions yesterday and rates jumped. So far they are continuing to move up this morning.

Outside of NVDA there is weakness in a ton of places. Especially consumer driven areas. For now though I still think you have to treat weakness as a buying opportunity.

Precious metals and miners were an area of strength again yesterday. I ended up taking a lot of profits there. Perhaps investors feeling that the economy sucks so bad that the Fed will be forced to cut rates regardless of inflation?

Been watching transports for a bounce but they moved under their 200 day moving average yesterday. Will be watching again today.

CSX is the name I will also be watching in the sector.

Dow types have been taking a beating and DIA had a U&R at the 50 day. At this point looks like it opens below, but any move back above could be buyable. For a short term trade prefer DIA vs. SPY, QQQ, or IWM. I’m currently long but would look to add.

Regional banks are in an interesting spot. Higher rates impact them more than the too big to fail guys. Currently in short sale position below the 50 day.

Oil stocks were strong yesterday on the back of higher oil prices. That looks to be continuing this morning. Took some profits but still long CVX and XOP. Watching OXY for a hold at the 200 day.

In individual names ABNB was on my watchlist yesterday. Unfortunately had to be in NYC and wasn’t around to pull the trigger. Perhaps today on a pullback into support.

ALB is another name I will be watching.

AMZN was my favorite Mag 7 name. It managed to move above it’s 50 day and is buyable here above.

DKNG could be interesting if it moves above it’s 200 day.

PYPL could be interesting if the 200 day holds.

Our mean reversion models bought China dips yesterday, adding PDD and KWEB. Will be looking to possibly add to those today.

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Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.

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