July 31, 2024

Markets:

S&P 500 futures are near flat Tuesday night as investors parsed the latest earnings reports and readied for the Federal Reserve monetary policy decision coming Wednesday afternoon. Futures tied to the broad index advanced 0.1%, while Nasdaq 100 futures ticked higher by 1.5%. Nas looks to possibly open super strong with all of yesterday's losses reclaimed should this hold. Yesterday, the VIX made another lower high on the 60 minute while the QQQ made a lower low in the same time frame. Try to make sense of that one. AMD is rallying the chip sector with guidance being raised, something that has not happened in a while for AMD. NVDA printed a low of $100 in afterhours trading after MSG but someone purchased 800k shares at $100.01. The stock is currently trading above $107 as I write this. If NVDA trades strong today and MSFT remains down they'll likely cancel each other out in index impact.

Portfolio:

Another round of monster earnings tonight led by META, ARM, QCOM and one smaller one we are extremely interested in due to the AI impact is IOT. Keep an eye on IOT here. Tomorrow night we have the main event with AMZN and AAPL.

Fed watch today after 2pm. Look for swings into, during, and after. This has been the playbook for the last several. Reminder, extreme patience here. Do not get caught up with the day to day moves right now. Allow the trend to be settled and then we proceed. The greatest opportunities and profits will be created after Thursday as we stated last week. No reason to rush in. Patiently await and allow the price to dictate. No changes needed for ASTS, USAP, TSLL, and S. Be ready and stay patient here.