February 21, 2024

Good morning. Monster profit booked wth SOUN yesterday. It's FOMC day but the main event is clearly NVDA earnings tonight. We also are highly interested in ETSY and what they have to say but the real leader will be NVDA. Regardless of how we trade off Nividia's earnings, their outlook and what they state regarding AI and the demand for it will be the focus and driver for the next several months in this space. We mentioned early stages and that's exactly what this is. The last two sessions price action have been a bit brutal but we absolutely love to see the large lots of upside calls being purchased in names beaten down over the last two sessions. It's clear where positioning is occurring.

Patience today. Just let this all develop and then we attack this market. Whether it be on the short side or long side short term we will attack it once we see the price action develop and pattern. 4970 on the S&P is short term key, 4900 is the hard line for us. Right now just a draw bias for many, and the price activity we seen the last two sessions does not change anything of longer-term trend line should we hold and bounce after tonight. Too many times folks get caught up with the day to day price movement and chase rather than plan for what's to come and build.

One change to make is adjust our stop on PLTR to 22.00

Be ready today for further updates but please stay patient. So much is going to come to us over the next 8 hours or so with information and patterns. NVDA now has the baton!