Weekly Plan 3/3
More fuel in the OPEC tank
Hello traders,
Hope you had a good weekend.
Another bullish victory last week and now we are at new All time Highs on both Nasdaq and SPX.
At this point, perma bears are deflated and we are seeing signs of some of them giving up and flipping long.
It is an interesting spot in the equities market as of right now. Rate cut probabilities look bleak for 1H 2024 and yet the AI hype cycle keeps propeling the market higher.
Couple things that have raised my eyebrows in the last three days.
Absolute garbage meme crypto tokens are going up like no tomorrow.
Put/Call ratio (not that it means much) is showing the exuberance equivalent of a 2nd year analyst at a midtown cocaine orgy.
Fed has clearly communicated that rate cuts are contingent on taming of core inflation.
After carefully looking at this information, the astute investor should think a lot and just buy weekly SMCI calls.
Jokes apart, this market seems a bit frothy, however no need to go positionally short just yet. Enjoy the gains of levered beta until it stops working.
As far as recap of last weeks trades, they are on my twitter ( I will hit email length limit on substack, so they can be seen here & here & here & here and there are a bunch of unhinged jokes in between so you can ignore those)
As far as crude goes, OPEC announced another round of cuts today. amounting to 2.2 million barrels per day. This should worry Powell & co a bit along with the NFP numbers on Friday.
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Moving on,
Levels for this week: