Market Bottoms and Jackson Hole
Today was an astonishing day. NVDA’s earnings were missed by 15% and the stock gapped down 7%, but then traded higher for the day at 5%! What a crazy market. Brian and I had a great trading day. We posted our recap on NVDA and AMD here.
Is the market at its bottom or will it continue going lower? This is the main question on everyone’s mind. Personally, I think the market will be range bound until either some good or bad news makes it move in one direction or another. Inflation and interest rates are definitely the key driving force.
Excitement in the market will reach a crescendo tomorrow with Federal Reserve Chair Jerome Powell due to give a keynote speech at the Jackson Hole Economic Policy Symposium. The potential for a market upset is high as stocks, bonds, and commodities have been moving lower in lockstep in recent sessions in anticipation of the speech. Powell is expected to restate the Fed’s inflation-fighting resolve, but of course no one knows for sure what he will say. JPMorgan Asset Management’s Bob Michele said Powell should use his address to give more clarity on how hawkish the Fed intends to be.
We will see tomorrow how the market reacts to the perhaps most powerful man in the world, JPow.
To your success,
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