Trading Room Summary - August 27th

Sep 02, 2024

Quick summary and then a few words about NVDA ahead of earnings tomorrow.

Market is digesting sideways in time. I warned last Monday we would likely grind sideways into NVDA earnings, that I did not believe we would fall apart into NVDA earnings, and I would expect to tag those SPX, QQQ, XLK, AAPL gaps I have highlighted every day for two plus weeks - on/about NVDA earnings OR by Sept Monthly OpEx! And can't rule out $5750 into Sept 30th JPM collar tag.
ICE, NDAQ, CBOE continue to be great Swing/Trend Fave Longs past few months - with IBKR not yet in blue sky but poised!
PDD is still heading down into 94 with overshoot to 91 as I laid out yesterday when it printed 110!
RMD, MDWD are Swing Fave Longs this year that continue to move higher - spiking higher today for reasons I don't even know.
Alexander's BioPharma positions as posted in his #kentons-corner-of-biopharma are all making new highs today: NVS, GKS, HALO, EOLS, MREO, VRNA, NRIX.
WMT, COST, KO all making new highs today pushing XLP into new highs today.
VNO Swing Fave Long was a bet on falling yields. It just tagged my $35 PT so likely digests here.
HIMS Swing Short was a high conviction bet two months agothat it would fill the 14.67 wkly gap fill on way to 14 (50D) support. It's working!
MSOS fell apart on news they will not review legislation until after the election.
Semis in distribution ahead of NVDA earnings - also SMCI with a short report issued by Hiddenburg Research.

Let's see what happens tomorrow!