Nice move in the market today after the manufacturing PMI data this morning which dropped bond yields. On Sunday scan we talked about what the factors were that were causing the correction in the market: Tensions in the Middle East, bond yields, and the leading sectors like AI and the mag 7 stocks correcting around earnings.
Over the last couple of days there has been a little relief in each of those areas so a nice bounce makes sense to me. Vix selling off, TSLA earnings talking about how many NVDA semi chips they are buying (showing there is still good demand) and bond yields fell on the economic data this morning because it shows that inflationary pressures aren’t coming from every area of the economy.
It’s good to remain neutral and flow with the market.
A true trader keeps an open mind and closes out positions. Someone who wants to be right closes their mind and keeps their positions open regardless of what the market is showing. Be a trader.
TSLA had a nice move up after earnings, whether its from bearish positioning coming off after a major sell off or real demand coming back, I don’t know yet but ill be looking at it over the next few days to piece it together. I thought it would have gone down on those earnings but it didn’t and I didn’t have a position so its nice to be wrong but not lose money lol. I’ll be looking to see if it gaps up and fades or if it stays strong and this was worst that earnings get and things improve. Time will tell.
NVDA on watch after TSLA said they are still loading up on NVDA products.
DJT had sellers there today and I got a nice but moderate gain on puts with it. Let’s see if the weakness continues tomorrow. The chart doesnt work for some reason but you can pull it up.
Tomorrow ill be watching earnings reactions, bond yields, vix, and more to get a feel for if this market will change trend and go up for a bit after this correction or if this is just a vix melt rally and we head back down.
1 Comment
PeteyTrades800
on April 24, 2024 at 8:25 am
“A true trader keeps an open mind and closes out positions. Someone who wants to be right closes their mind and keeps their positions open regardless of what the market is showing. Be a trader. ”
“A true trader keeps an open mind and closes out positions. Someone who wants to be right closes their mind and keeps their positions open regardless of what the market is showing. Be a trader. ”
Nice Chris