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Update from Andrew

By Brian Pez  |  
Andrew's Newsletter  |  
May 23, 2024

Dear traders,

This is Brian writing this newsletter on behalf of Andrew.

While Andrew is away I will try to send a couple of newsletters to give market updates and more importantly updates from his hike.

Andrew kicked off his adventure to climb Denali, aiming to reach the highest peak in North America at 20,310 feet (6,190 meters). Denali, which means “The Great One” in Athabaskan, towers 18,000 feet (5,486 meters) above the surrounding landscape—that’s 5,000 feet more elevation gain than Mt. Everest!

Once the team got to Anchorage, they started fine-tuning their gear, making sure every little thing was perfect for their climb. They packed all their food and equipment into duffels, backpacks, and food bags. From Anchorage, they drove north to Talkeetna, the starting point for most Denali expeditions. Then came the “hurry up and wait” phase, as they had to wait for good weather so the pilots could fly them into Kahiltna Base Camp in their trusty de Havilland DHC-3 planes, known as “Otters.”

Andrew’s team is taking the classic West Buttress Route, which means they’ll climb over 13,000 feet from Basecamp on the Southeast Fork of the Kahiltna Glacier all the way to the summit. The route will take them through heavily glaciated terrain from Basecamp at 7,200 feet, to Camp One at 7,800 feet, Camp Two at 11,200 feet, Camp Three at 14,200 feet, High Camp at 17,200 feet, and finally to the 20,310-foot summit, if all goes well.

I am hoping to keep receiving these updates from Andrew’s team but there are some days when certain circumstances, like poor satellite phone reception, fatigue from a particularly long day, or no change in their situation due to weather, will prevent teams from calling in an update.

Today market reacted to Fed May meeting minutes, which showed concerns about inflation, with the S&P 500 closing lower today, a day after hitting a record high. All major indexes ended in the red today.

The Fed noted that recent data hadn’t increased their confidence in reaching the 2% inflation target anytime soon. This suggests that the process of reducing inflation will take longer than they initially thought.

After the market closed, Nvidia reported earnings, issuing an upbeat guidance and announcing a 10-for-1 stock split and beating Q1 expectations. At the time of writing, NVDA is +3.3%

I traded the market open live with Phil from Columbia. He is a great trader and traded with me to fill in for Andrew. Make sure to watch us live tomorrow.

Lastly, our YouTube is at 200K subscribers now! Andrew would have been so excited to see how quickly the channel has grown last few weeks.

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Fingers crossed he makes it back in one piece and gets to celebrate this achievement too.

Happy Trading,

Brian Pezim