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NASDAQ broke record

By Brian Pez  |  
Andrew's Newsletter  |  
May 29, 2024

Dear Traders,

This is Brian writing on behalf of Andrew.

Andrew arrived at Camp 2 healthy and in good spirits. He and his team stayed there for three days before climbing towards Camp 3. Unfortunately, his team lead guide got injured on the first day and Andrew and two other people evacuated him.

As the team is going towards Camp 3 at 14,000 the trail takes climbers across a narrow section of the upper Kahiltna Glacier.

This part of the mountain narrows, squeezing the path between a huge rock wall and a steep 4,000-foot drop to the Northeast Fork of the Kahiltna below. Because this area is so open, it can get VERY WINDY as you turn the corner to reach Camp 3. This area is called “Windy Corner” and the photo above shows how challenging this part of the hike can be.

On the market side, Nasdaq closed above 17,000 for the first time, driven by a surge in Nvidia amid ongoing AI-led optimism. Nvidia rose 7%, pushing its market value past $2.5 trillion after strong quarterly results. This boost is also supported by Elon Musk’s AI startup, xAI, which plans to build a ‘Gigafactory of Compute’ using 100,000 of Nvidia’s H100 GPUs by fall 2025.

DraftKings dropped 10% after the Illinois Senate passed a bill to hike sports-betting taxes. In contrast, GameStop jumped 25% after raising $933 million from its 45 million share offering, boosting its finances.

On the economic front, consumer confidence unexpectedly rose in May, indicating strength in consumer spending, a key driver of U.S. economic growth. This Friday’s PCE reading is expected to show some cooling in inflation, although it will likely remain above the Fed’s 2% target.

The economic calendar this week also includes revised first-quarter economic growth data on Thursday and the Fed’s Beige Book on Wednesday. Several Fed speakers, including Governor Michelle Bowman and New York Fed President John Williams, will provide additional insights during the week.

Lastly, tonight Aiman had an amazing strategy webinar called Developing an ABCD TradeBook. If you missed it make sure to watch the recording on BBT Education Center. Recordings and webinars are only available to Elite Annual members and you can still take advantage of the Remembrance Day offer if you are not a member yet.

Happy Trading,

Brian Pezim