00:00 Josh
Stocks rise to start the week, the Senate taking a big step toward ending the record breaking government shutdown and here with the train day takeaways got Yahoo Finance’s Jared Blickre. Jared.
00:09 Jared Blickre
Josh, the big winner today, Nvidia, obviously. and there’s a virtuous cycle going on here. Nvidia leads tech, tech leads to Nasdaq, and maybe the Nasdaq circles around and leads Nvidia. Nevertheless, what we saw is a lot of out performance by tech today. and we’re looking at the Dow here. 8/10ths of a percent is not nothing. Here is the Nasdaq composite. That is up two and a quarter percent and that is the best day since May. Uh so we’re talking about five months here. and let me just show you what happened with the mega cap sectors and especially and there’s tech by the way up 2.57%. This is our sector read out. Here is the Nasdaq 100. and the upper left there is Nvidia, $4.8 trillion stock and that is up 5.79% today. and that is the best day since April. and I believe it’s April 9th, April 10th. It was that huge up day that we had after those wash out lows. And so this is kind of a big deal here and it just signals that uh Nvidia after that scary drop off that we had just a few days ago, while I was out by the way, uh it has come roaring back. And so here we have the highs and we can see it’s just kind of trying to flirt with 200 level and we’ll have to see if it’s uh skates above that. Nevertheless nevertheless, this is an area where shorts would logically come in, but if we surge above that tomorrow, I think it’s a cinch that we take out these record highs. Nevertheless, a little bit of vulnerability there, uh but given what’s happened over the last two trading days, that big kind of that smaller wash out that we had Friday combined with today’s uh uptrend. I think that kind of cements the this new short-term rally that we’re seeing here.
02:07 Jared Blickre
So logically my next uh my next step here is to go to gold because they also had a big day. Uh along with metals here in general. I’m going to show you our futures board and it’s not just gold and in fact, we had several metals that outperformed gold. Uh here’s our commodities heat map. We’re not going to talk about orange juice. that’s in the poll position there up 5.7%, but check out silver up 4.75%. Then you can go to see uh platinum up three, copper up 2.93, uh palladium up 2.87 and then you have gold. But I’m going to concentrate on gold here for a hot second. Let me just show you the year to date. We did have kind of a nasty sell off recently. This was 10% and so that’s not nothing. investors definitely felt that. but you can see it’s still holding on to gains of about 55%. and I had the opportunity to sit down today with Peter Borish uh for stocks and translation. For those of you who are not familiar with him, he used to work with Paul Tudor Jones back in the day, was a founder uh when uh Tudor Jones began one of his uh hedge funds. and so this is kind of a big call here. I just want you to listen what Peter has to say about gold.
03:26 Peter Borish
A stronger dollar potentially pretends to higher interest rates, which is not good for gold. Uh, a stronger dollar potentially indicates that the stimulus effect that we were talking about before related to the legislation that was passed by Congress is going to have a bigger effect. We talked about that accelerated depreciation, etc. So those things themselves are not particularly bullish for gold, but you got to let the market tell you. So right now you be on the sidelines. You make new highs, you can go with it, which isn’t that far away. If you take out last week’s low, it’s a good sell.
04:00 Jared Blickre
It was a wide-ranging conversation. As you heard him, he was worried about a longer-term interest rates shooting up. And if that is the case, then that kind of hurts the gold position. Bottom line for Peter, if it takes out last week’s low, uh then it’s a sale, but nevertheless, we had a huge up day, so it’s going to take a little bit of work by the shorts to even get that to that point. Want to move on to my third point and if you keep track of these, it’s probably going to be about crypto. And yes, it is indeed about Bitcoin, which has reclaimed the 106,000 level. Now, while I was out over the last week and a half, I saw uh some headlines where Bitcoin dipped below 100,000. And let me just bring up a three-month chart so we can kind of get our bearings here. Because when we got this high here, this was a fakeout high. We came down to the ideal short level, shorts were in control, let it be flow 100,000, but we are now trying to make our way back up. Shorts are still in control, so I am a short-term bare in Bitcoin, but I am still a long-term bull.
