June 25, 2024

Markets:

Stock futures were mixed Tuesday after a sell-off in favored technology names led the Nasdaq Composite to its worst day since April.

Nvidia shares were up more than 3%. In the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19 — when it lost 10%.

The latest decline pushed the AI darling deeper into correction territory, down 16% from an intraday record set last week. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm
and Broadcom.

Federal Reserve Governor Michelle Bowman said Tuesday the time is not right yet to start lowering interest rates — adding that she would be open to raising rates again if inflation doesn’t pull back.

Portfolio:

We enter the new trading session holding setups in NVDA, PLTR, TSLL, GBTC, and MARA.  Wild session for the most part and a session that shows exactly the price activity to expect heading into the last week of a quarter. Keep in mind, big stocks lead the market higher. Gather your clues, see where they were buying and the positive divergence taking place in the afternoon after some pretty big names sold off. Keep an eye on NVDA. Reversed nicely now off the 20-day MA. Great spot for a reversal. Would not be surprised to see 140 sooner rather than later. Also, NVDA has a shareholder meeting tomorrow, can see Jensen with another significant announcement. We stated yesterday the theme / narrative being pushed. Seems to have worked again; trap more bears and then run it higher. I can see another rug pull this week, maybe even this morning, before the monster run up begins for the summer.