Waiting On Nvidia
Weekend Was Eventful. Is The Selling Done? The Bullish #BTD Bets. Random Market Bits.
»CLUB/EDGE client post November 18th, 3:32 PM ET.
“Every bad situation is a blues song waiting to happen.” Amy Winehouse
Weekend Was Eventful
Except for the Jake Paul Vs Mike Tyson fight.
President Biden lifted restrictions on Ukraine using U.S. weapons to hit inside Russia. Gold is bouncing as a result, exactly into the underside of that trendline I expected to get tagged regardless (as USD softens).
Trump appointed Secretary of Energy Chris Wright - seems bullish nat gas & nuclear energy (like OKLO where he sits on the board), but not so much oil.
Putin said Russia would stop sending US uranium - hence the pop in spot uranium and nuclear stocks.
BOJ Ueda said something last night to tap the yen back down. USDJPY is firm so US equities are supported while US 10Y yield pushes on July 1st 4.5% highs.
Treasury Secretary is being hotly debated. Marc Rowan ($APO), Robert Lighthizer (thought trump appointed him Trade Czar) and Kevin Warsh (only banker in the bunch) are in the running to become Treasury secretary, along with previous front-runners Scott Bessent (HF guy) and Howard Lutnick (HF guy).
My bet: Warsh. I also saw this making the rounds today - Warsh likely breaks the in-fighting.
Seems market may not be ready for Warsh, however, as he was very critical of Fed cutting at all.
He presented on a panel with Bridgewater Co-CEO this summer where I grabbed these quote (Semafor event: #WES2024):
"Inflation's a choice. It's a choice largely by the fiscal and monetary authorities..."
"The Fed isn't a victim ... The Fed is responsible for the inflation rate and the Fed needs to take ownership of it."
Market would most likely be worried about Lutnik (heavy tariffs right away) or Warsh (Fed was wrong to cut rates). Otherwise, they likely rejoice on the other picks.
We should hear shortly!
Is The Selling Done?
I think protection still makes sense and here's why: