BY ANDREW GIOVINAZZI
August 28, 2024
Yo Pit Crazies,
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One of my back from dead stocks is Portillos Inc (Ticker: PTLO). We had the biggest back from the dead candle we have had in a while. They had a decent earnings report this August and it appears they have stopped the equity dilutions issuing more stock. But mostly this is a slightly higher up the food chain ticket. The big difference is McDonald’s is too now. Have you fed a family of 5 at Mickey D’s lately? PTLO > MCD and it is not even close.
Another stock doing well just recently is JW Nordstrom’s Inc (Ticker: JWN). They reported on Tuesday night and had a nice little pop. They crushed their earnings number.
JWN is a higher up the value chain retailer and it is doing ok too. They are not the only retailer reporting good numbers. Many of them have which in general is pretty bullish.
Why Is the market pricing a dump?
The S&P 500 ETF (Ticker: SPY) is only 1.5% away from where it was two weeks ago. We had a short swoon going into the Jackson Hole comments from Fed Chair Powell last week but really stocks have not done all that much. It seems we are waiting for a shoe to drop that is not going to drop.
That shoe is likely to be Nvidia Corp (Ticker: NVDA) earnings this evening. If they are just ok SPY might not do much but it will be hard to keep volatility up. It is even possible that VIX moves more than NVDA!
That would be grand for the Trading Desk! Let’s see it.
To Your Trading Success,
AG
Andrew Giovinazzi
30-Year Trading Pro
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