April 22
Congressman Byron Donalds who represents Greater Naples voted against military assistance for Ukraine.
https://www.nytimes.com/interactive/2024/04/20/us/politics/ukraine-israel-foreign-aid-vote.html
That means he voted for Putin. He is a disgrace.
Donalds face should be next to Marjorie’s.
Markets and Stocks
Nvidia is trading at 30 times forward earnings. That is bloody cheap. Nvidia reports next month. Demand for its chips is insatiable.
Big technology is not expensive. It offers great value.
Technology and semiconductors are washed out and are very attractive now.
Options positions are neutral. Excessive exuberance has been eliminated.
The market especially technology and home builders are prepped for a big bounce.
Mike Santoli at CNBC, whom I follow closely, believes the market is ready to bounce.
Things are at least starting to line up in that direction. The Nasdaq Composite is doubled over in a grueling gut check, dropping nearly 8% from its recent high, cutting back below its old November 2021 peak, slicing below its 100-day average. In the process, it’s grown pretty oversold, with its 14-day relative strength reading (a measure of price relative to a longer-term trend) pretty close to levels seen in the vicinity of past trading lows.
A bounce is in the winds.
Some market-breadth readings (the low percentage of S&P 500 stocks above a 20-day average, say), elevated put-option volumes and the inversion of the Volatility Index (VIX) relative to VIX futures prices are all similarly hinting at a tightly coiled market susceptible to a high-velocity snapback attempt before long.
The broad market is very attractive.
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