[OP Ed. Note: This Editorial Was Drafted Without AI]

Yo Pit Crazies,

The SPDR S&P 500 Trust ETF (SPY) is having trouble making headway with the world's most valuable company down five percent.

Now, I think I know what part of the problem is. And it’s not CEO Jensen Huang’s estranged wife getting $100 billion in stock in a divorce.

It’s folks that are long Nvidia (NVDA) that want to buy something else.

The link to that Anthropic IPO is here. But in a nutshell it says this:

That means the AI trade is alive and well.

Money is going into Anthropic to the tune of $64.4 billion dollars. That’s enough to buy a few NVDA chips.

VIX Down and SPY down is usually a symptom of a fatigued market. We had some huge moves last week and traders were setting up a big inflation related move today that really did not materialize.

SPY cannot hold the daily VIX price

Think of VIX at the At-the-Money SPY volatility for options. A 20 VIX implied about 1.25% day to day close in SPY. As I write this, we do not have half of that. My guess is that the Anthropic IPO going O.K. is enough to keep investors interested. Stocks went to highs post SpaceX (SPCX) and this pattern is starting again.

Mark Sebastian thinks the IPO will go off within two weeks and we can see ANT trading before Thanksgiving. That would get folks excited and back to the 770s for SPY. Don’t let the quiet market and slack VIX/SPY fool you. What is good for SPY is good for the Invesco QQQ Trust (QQQ) too.

Mark’s trading the Anthropic IPO but not how’d you’d expect. He’s already put on ten plays and won seven. A bunch more are set to go in the coming weeks. To see what he’s up to, tap this link.

The world is still building and that is a good thing.

I hope this was helpful,

AG