Market Thoughts: 8/12/24 - Just a quick note here in that I'm looking for the markets to stabilize this week with, hopefully, upside bias as we recover from a correction on the Nasdaq. Last Friday worked out well pretty close to plan/expectation so stability with upside bias would be welcomed. At this juncture it all seems pointed at recession or no recession camps and the data that is in both.
The AI trade seems to have stabilized and is also on the move higher, with the exception of QCOM and a couple others. The main complex of NVDA, AMD, ARM, AVGO, MSFT, AAPL are higher to slightly higher while DDOG and SNOW are to the downside with QCOM. Second tier names such as MRVL, MU and DELL have caught a bid as well.
As already noted, I have been building positions in DELL and MU most recently due to a combination of price performance, upside, and fundamentals, especially related to that first variable, price performance. MU and DELL were both hammered as prospects with good models into the new AI space. DELL has replaced SMCI for me due to margins and core business. MU has been so well positions but they may not have even understood it at the time and now their memory segment is in full demand.
Looking for AI to retain the green into the close to help confirm a new base for a move higher.
About to take another position in CLF since it breached my $13 threshold. This is one of my "no fear" position trades I try to add between $13-$14. Already have been loading with next leg to come very shortly.
WYNN - For those looking for new position trades, I think WYNN can be added right here below $75. Don't marry it but I think you have 15% upside in short order. Wait for any second positions as Macau numbers can always drop the price.
I exited ABNB last week but it's probably ripe for a position trade after basing and holding. I have too many other prioritized names to roll back into it but I may.
Still waiting for BGS to break $8 to the downside and then I'll add again in size.
Have build first positions in BROS, LULU and ULTA and looking to add additional legs to the positions. More inclined to wait for consumer trend to play out on LULU and ULTA. Was looking for basing on BROS and it looks like I got it from my first position last week. Staying patient.
Have a great Monday all. |
