Strength Begetting Strength
Tim Knight | May 31, 2023 01:07AM ET
Well, boo. This isn’t exactly the “Sell the News” event I was hoping for this morning.
The chart above shows the /NQ futures gap higher on Sunday on the “Debt Ceiling” news, seal the gap as neat as you would a love letter, and then rocket higher based on the same tired on AI/NVIDIA Corporation (NASDAQ:NVDA) obsession that’s been driving tech stocks for God knows how long now.
NVDA itself is, as of this composition, a trillion-dollar company now. Who would have ever thought a niche graphics card maker for gamers would reach such heights?
One strong glimmer of hope for me remains crude oil, which is the ONLY quote that’s red right now. I’ve got a bunch of SPDR® S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) puts as well as positions in DVN, HES, MRO, so weak oil does my heart good.
I won’t totally give up on a “Sell the News” event unless the deal passes Congress and the market still keeps pushing higher.
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