8/21 Recap

I forgot to post all the options action on names reporting this week so I will have those at the bottom of this. This week is probably going to be alot of nothing until NVDA reports and then the Jackson Hole meeting. Last year markets sold off so hard on Jackson Hole so there is alot of fear going into the meeting, even the VIX is perking up while the markets are green today. People are buying insurance into Friday. The big issue today is the relentless move on TNX pushing yields even higher. TNX is now up almost 20% to 43.50+ in the past month, that is an incredible move on treasuries and it is pressuring multiples on growth stocks.

The SPY is nearing max oversold and has made no progress in the last 2 months. There are fears that are justified at the moment. Will these high yields force another bank into failure? We know what the market went through in the bank failure crisis earlier this year. These high yields are putting alot of stress on banks and consumers. Lots of questions that won’t have answers until next earnings season rolls around in October, but markets next like question marks.

Today’s move in tech stocks was mostly due to NVDA and TSLA both being up 6% on absolutely nothing. Tesla was down $90 in the past couple weeks so naturally it flies on a meaningless upgrade to $300 from Baird and NVDA had an analyst who came into the year with a target below $150 on the stock raising his target to nearly $800 today. While I do like NVDA and have noted the countless in the money put sales in huge size recently it is funny how it just came up almost 15% in the last 6 sessions. These types of moves with TSLA & NVDA are just not healthy for companies this size, this is how penny stocks trade up/down on nothing not trillion dollar enterprises.

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