Morning Note 23.08.24
NVDA Dump Market
Current Market Conditions:
How did the indices act yesterday?
NVDA premarket was strong, up 0.8% against QQQ, yet as it tested the 131 level it got rejected and went down heavy. The indices followed. On the mid day recovery, NVDA was making a higher low compared to the SPY, yet it just built a bear flag and dumped, indices followed again.
What are the main trends right now?
Strong equity recovery after scary VIX spike
Bonds are trending up
Gold is in an Uptrend
Stocks have left their uptrend, but also saved themselves from a Downtrend
Medium term, defensive sectors still have the edge
Daily Chop, Equities are not respecting support or resistance very much.
Whats the Current Risk Appetite in Markets?
→ Low. No Bid Dump.
What is my positioning, based on what I know about the markets:
100% in a EUR Money Market Fund. Got rid of all positions.
Trades taken
None.
Setups In Scope:
LC - Lending Club
LC has not even budged yesterday, up almost 4% this stock looks strong!