Daily Market Brief
Fed Minutes today were as summarized as follows:
Miners/Metals names gapped lower and trader lower on that news; makes sense, attacking inflation with words creates sell-side pressure. Not a big deal, standard ebb and flow. Higher still.
We need buy-side flow to take control tomorrow with force: QQQ 0.00%↑ +$459s sets off a big move into Friday and the bears will look a little something like this
SP500 - levels as discussed last night in premium held. Not really too much else to expand on. Pending the open tomorrow we are still on target for $5390s - provided, $5310s sustain, more in premium.
Recent Ideas/Trades
TSM - I’ve been an advocate for owning this name as well, read this here. Gapped up today and held. The stock is not something that I want to watch everyday in the portfolios; it’s fundamentally driven and there are tailwinds to push it higher but we creep closer and closer to new all-time-highs. My (technical) soft-target is at $170 still so we’re after that maybe this week.
I’m long the equity and various long calls.
Recap and video for tomorrow is inside. A bit longer tonight given NVDA earnings and given the correlations with this it’s going to create some tradeable intraday situations tomorrow so if you’re a reader and like intraday flow make sure to watch this one.