Daily Market Report

Thursday April 25, 2024

A lot to cover today. But in short, this report has been on fire this year (and last year really).

Last week it was SMCI 0.00%↑ and NVDA 0.00%↑ tail risk which printed HEAVILY for those in that.

That was discussed a lot all Q1 in DeltaOne.

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Market Recap Today

Today we had a swing/core position based on a Macro thesis payout.

• NEM 0.00%↑ earnings were far better than expected and this ended up being a big win in the Swing Monitor. This position was added to the report in Issue 8.

• We also entered a new inflation-linked long this week in a new AST Portfolio alert.

I also cut TSN 0.00%↑ which was a long since issue 5 or 6 (need to check).

This week was all beta trading including $SPX and QQQ 0.00%↑ which I talked about why the focus was/should be there on the Monday night brie

GOOGL Note: earnings just blew it out of the water and with that dragging the Nasdaq and S&P up after hours. I’ve been tracking this in the report all month and $170 was a target for me on this and I sold equity a/h but have a position still. I have some notes on this technically in the premium recap tonight.

S&P500 Notes: $5140-$5150 is still an area to chew through for buyside. That’s been an area all week - read the Tuesday recap here to see. Really simple, if we don’t get above that $5140/$50 area then we might see a big reversal tomorrow. Explained why in the premium recap video.

TSLA Notes:

I added into TSLA 0.00%↑ today as well (but not on any fundamental reason) earnings were objectively terrible. What was not were three things:

• The cult following buys it

• The short interest is and remains high causing covering

• The chart/book was balanced and today was continuation

  

None of it makes fundamental sense but the markets are dynamic, especially markets that are not small/micro cap where fundamentals/DCF etc make more sense. There’s just too many other factors at work in mid/large caps, ETFs, commodities to take into account and for the value bros that presents an issue…just as when you talk to technical bros about fundamentals.

But, the way I see it, it’s good to meet in the middle.

Moving on…

The PCE print tomorrow is important and so is this $5140-$5150 area in the S&P500 and we’re not out of the woods just yet on the market bear sentiment or in cashing in on ideas for the week. There’s a lot to cover tonight so let’s get into it.