Strength Begetting Strength
2023.05.31 05:02
Well, boo. This isn’t exactly the “Sell the News” event I was hoping for this morning.
The chart above shows the /NQ futures gap higher on Sunday on the “Debt Ceiling” news, seal the gap as neat as you would a love letter, and then rocket higher based on the same tired on AI/NVIDIA Corporation (NASDAQ:) obsession that’s been driving tech stocks for God knows how long now.
NVDA itself is, as of this composition, a trillion-dollar company now. Who would have ever thought a niche graphics card maker for gamers would reach such heights?
One strong glimmer of hope for me remains , which is the ONLY quote that’s red right now. I’ve got a bunch of SPDR® S&P Oil & Gas Exploration & Production ETF (NYSE:) puts as well as positions in DVN, HES, MRO, so weak oil does my heart good.
Crude Oil Chart
I won’t totally give up on a “Sell the News” event unless the deal passes Congress and the market still keeps pushing higher.
