2/21 Recap

As we await Nvidia results this afternoon, the market had another ugly day with the NQ down 160 points right now. The TNX, below, is popping again over 43 and you can see a tight flag forming where yields want to rip much higher. Naturally, equities do not like that and with all megacap earnings out of the way after today, there really aren’t any catalysts left for a while. We also just had a nasty bond auction now minutes ago. The probability of a rate cut in May has plunged from near certainty to just 30% now. The biggest loser here is the growth names with the IWM heading to lows of the day as the fed looks to sustain rates higher for longer.

Bulls need a big day from NVDA to keep this party going or we could have weakness finally emerge. No help was given from PANW which gave a horrible guide sending it down 27% and taking down one of the hottest sectors, cybersecurity, where CRWD was down 10%, S was down 10% and ZS down 14% in sympathy. With the run we had, anything less than perfection is a huge selloff now. Amazon got invited to the Dow Jones which would have seen a bigger reaction if the Nasdaq wasn’t so bad today, but it will be a big deal next week moving in there and finding new buyers for the name.

The SPY is sitting sandwiched between the 8 ema and the 21 ema. It’s going to find a direction today after NVDA moves the tech space too. You can see the RSI hitting its lowest point in a while today, it isn’t looking good, but with such a major catalyst ahead tonight, alot can change, quick.

App Update

Luckmaster in the chat built out a small tracker for the 10 charts I said I liked for 2024 at the end of 2023. I will have to see how to incorporate into the app but as of today 7 of the 10 have outperformed the market in 2024. The left column is the price the day I sent out that recap and the right was the price as of last night.

He’s working on a bigger project following the handful of names I highlight daily and selling puts 5% lower and so far in 2024, it is working at a near 74% clip. We need to tweak this some more, but I’m hoping to add these things to the app in the coming weeks/months.

Trends

Doordash has overtaken as the top trend alongside Robinhood, Marvell, and Rivian. Not quite the most popular names, but interesting to see over the last week. Another sneaky good name in there is Applovin. That is a high quality name not many discuss.

1 Week

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database, as always it expires at the open tomorrow and I will have the rest of today’s action added by the afternoon