BY ANDREW GIOVINAZZI
June 26, 2024
Yo Pit Crazies,
It is Voz Free Friday this week. Check out Voz and Mark as the dynamic duo of trading on the close every day in Trade to Close.
My close Tuesday was a bit different, a buddy wanted to go Striper fishing so I did this:
The Gulf of Maine and the shoreline offer 1000s of fishing spots. An almost unlimited supply of places to go. Right now the stock market, with 1000’s of names to trade, has only one place to go.
That stock is Nvidia Inc. (Ticker: NVDA). On a low volume Tuesday in the June heat, NVDA managed a day where the fund manager had a chance to buy the stock not at all time highs. So they all jumped in and the performance lifted all high quality tech.
Watching the trade this week it has been light. VIX for the most part has lifted into light activity which I can only guess is due to the Presidential debates. That will make for a lively show on Friday with Voz.
What did the VIX tell us after the rocket NVDA rally Tuesday?
Volman surfed the VIX wave down
VIX posted a closing for the last 4 days. We were on a streak of higher lows but VIX broke it. If traders were holding back because of the Presidential debates, they let some air out after the NVDA rally.
The moral will be that the Big Tech Rally is all that matters. That is the trade before us.
VIX 4 day chart
I expect listless trading to just up if Big Tech can keep the momentum going. If the Presidential debate produces no surprises, then all time highs are likely the next leg in the market since that has been the move for 2024.
To Your Trading Success,
-AG
Andrew Giovinazzi
30-Year Trading Pro
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