Daily Market Update: Stocks Snooze Before the NVDA News (Video)

Hi guys,

No real change in markets in the last 24 hours, so it’s only a short video discussing the main talking points.

Usual service resumes tomorrow, with a full market rundown (and trade ideas) for premium subscribers.

Hope you enjoy.

Main talking points

• US stocks are treading water ahead of the NVDA earnings, which arrive after Wednesday’s close.

• The Street is optimistic, with several investment banks upgrading NVDA ahead of the data

• Our Uranium ($URA) play from yesterday got off to a flying start, climbing 3%, before ending the day +1.70% (+0.70% overnight)

• BHP ended the day +0.20% (not 20% as said in the video sadly)

• Chinese stocks have pulled back from recent highs after the Hang Seng registered the longest streak of being overbought since October 2022. Hang Seng closed -2.10%, with FXI -1.50% to $28.60 in premarket trading.

• Our Gold Miners ($GDX) position edged up another +1% yesterday and is currently flat premarket.

• Bitcoin and Ethereum surge on chatter that an ETH ETF is close to being signed off.

• Crude oil slips -2% to $78.00. Expect a breakout one way or another soon.

Closing comments.

Several Fed officials and Treasury Secretary Yellen are speaking today, which may or may not create jittery price action. What will create jitters is the Nvidia earnings on Wednesday.

This is not the time to add new risk unless you plan to be out by Wednesday pm. There’ll be plenty of momentum to catch from Thursday onwards.

As always, thanks for watching and good luck out there

Elliott.