March 19, 2024

Markets:

Stock futures fell Tuesday as traders took in the latest announcements from Nvidia’s artificial intelligence conference. Wall Street also turned its eyes to Washington as the Federal Reserve kicked off its two-day policy meeting.

Chip darling Nvidia pulled back roughly 2.3% in premarket trading, as investors evaluate the news from its first-ever GTC Conference. CEO Jensen Huang unveiled Nvidia’s latest AI chip, labeled Blackwell, which he touted as a significantly more powerful successor to its chips that power a multitude of AI operations. Despite its premarket pullback, the stock is still up more than 78%.

Wall Street is also awaiting guidance on the path forward for monetary policy as the Federal Reserve begins its two-day policy meeting on Tuesday. A recent slate of worrying inflation reports has investors concerned that the central bank could signal interest rates will remain higher for longer than expected. However, fed funds futures currently forecast a 99% likelihood that the Fed will leave benchmark interest rates unchanged this week, according to the CME FedWatch Tool.

Japan’s central bank raised interest rates for the first time since 2007 on Tuesday and also did away with its yield control curve policy. Japan had negative rates in place since 2016.

Portfolio:

Yesterday's AI event was outstanding from a "what to look forward to perspective" as the work being down from tech through BIO within AI is absolutely amazing. The world will definitely be changing from two years, to 5, to 10, and cannot wait to see where technology will take us and the advances we can make.

But our main focus are trades and trade set-ups. The reaction this morning across the board we do not feel is a sell the news event but rather folks going into safe mode heading into the Fed tomorrow. The Fed since last week has basically put a stranglehold on the market and the movers. The worst thing to do is to overreact and fall victim to the day-to-day price chasing but rather stick to the trend and wait for the fed event to come and how the response is received. Thursday morning price activity – the day after – is typically the real trend and price activity after a Fed Day. We are making a two adjustments to positions as we have time, and they will all bounce hard into the wend of Q1 here.

Granite shares 2x long Nvda ETF – stop adjusted to 37.00
Shares Bitcoin Trust – stop adjusted to 35.00

Everything else remains and we will proceed to find monster opportunity. Embrace the pullbacks, this is where we made the most money over the last several months. Every pullback we had was an opportunity to add and be rewarded shortly thereafter. Be ready today and stay patient.