The SPY continues to just ride the 8 ema, I really have zero new context to add. This is the same chop zone we’ve been in for months. I’d love to tell you there’s something new in here but there isn’t. Rates keep trending up and the 30 year just crossed 5.5% for the first time since 2004. Unless Trump wants rates heading to 6% or higher he has to figure out a way to make a deal with Iran because all this tough talk on how well the war is going is just not working anymore. Stocks are near highs and want to go up to new highs, the ai trade is where all the excitement is but they just can’t when the risk free rate keeps rising every day. Do we get a deal this weekend? I do believe one of these weekends over the next month is where we get one hammered out and we get a huge Sunday night open.
One of the things I want alot of you to remember is this year has been brutal. One of my favorite people on Twitter PurpleDrinkCapital posted yesterday about how the US Investing Championship only has 5 people not using leverage who have outperformed the Nasdaq year to date. So don’t believe all you see or hear on twitter, these people below are alot of very good traders and they’re struggling this year because this year has been very tough. Unless you were super heavy some chip names like INTC or AMD or deep in memory like MU or SNDK, the odds you outperformed are not good. I’m very lucky to have been so levered up into INTC but that was more the database speaking to me on where to be. Full link can be found here. Just don’t lose sight of how difficult trading is, I know lots make it sound easy but it really isn’t.
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Here are today’s large cap scans, we’re finally seeing lots of large cap tech names here with 3 of the 6 being META,NVDA,and MU.
My Open Book
