A very BLAH market today....at least for the BIG CAP TECH names. Not that it matters....we are still sitting near record highs. I see some more profit taking in NVDA. ALSO.....to be expected. I am doing more paperwork for my kids house sale that is set to close this week. This is taking up a lot of my time since we are pushing to get this sale closed two weeks early and it is generating a lot of paper between me and the buyers realtor.
The day so far today. Dow jumps, Nvidia's continued slide drags on Nasdaq https://finance.yahoo.com/news/stoc...ontinued-slide-drags-on-nasdaq-133044393.html (BOLD is my opinion OR what I consider important content) "US stocks were mostly higher on Monday, but chip heavyweight Nvidia's (NVDA) continued slide dragged on the Nasdaq to start the final week of another successful quarter on Wall Street. The benchmark S&P 500 (^GSPC) rose 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell about 0.4% amid a more than 6% slide for Nvidia. The Dow Jones Industrial Average (^DJI) jumped 1%, or almost 400 points. Stocks are hoping to add a punchline to what's been a high-flying quarter thus far. The S&P 500 is up around 4.5% this quarter, and the Nasdaq has surged around 8% on the back of an AI-driven rally. That rally, however, showed signs of fatigue to end last week. Nvidia, so far 2024's darling of Wall Street, lost ground after reaching fresh all-time highs toward the end of the week. Those losses looked set to continue Monday as investors rotated out of the AI chip giant. The macroeconomic front, as well as renewed focus on the US political scene, could grab more of the spotlight this week. On the latter point, US President Joe Biden and presumptive Republican nominee Donald Trump are set for their first debate Thursday evening. Yahoo Finance's Ben Werschkul has a good primer on what to watch from a US economic perspective. And then: inflation. The Personal Consumption Expenditures (PCE) index will be released on Friday morning. This index contains the "core" PCE measure, which is most closely watched by the Federal Reserve. Economists expect core PCE rose just 0.1% last month, which would be the slowest monthly rise since last November. Such a print would add to a string of recent positive data that could ease Fed policymakers' concerns about rate cuts this year. Traders expect the Fed to begin cuts in September, according to the CME FedWatch tool." MY COMMENT THANKFULLY......a slow week this week. Not much of interest happening. Just......a normal market week in late June that will not even be visible in a long term chart of the SP500 when we look back in 3 years.
My CMG split will be happening after the close tomorrow. The 50 to 1 split will be reflected in accounts and the stock price on Wednesday of this week.
I am actually glad to see a bit of selling in NVDA. That is what I expect after the historic run-up we have had and the split. A combination of profit taking, consolidation, and investors digesting the recent split and pre-split gains. I would actually be more concerned if the stock just went up, up, up with no variation. That would reflect irrational exuberance.
OK....NVDA is in a technical correction over the past 4-5 market days. Currently down by about (-10.73%) over the past five days. This meets the definition of a correction....down by 10% or more. Nvidia stock falls 5%, extends slide into correction territory https://finance.yahoo.com/news/nvid...lide-into-correction-territory-165458232.html (BOLD is my opinion OR what I consider important content) "Nvidia (NVDA) stock fell as much as 5% on Monday as investors rotated out of the hottest AI play of the year. The session marked the third consecutive day of losses for shares of the chip heavyweight as they slipped into correction territory. The stock declined more than 11% from its all-time closing high of $135.58 last Tuesday when Nvidia's market cap temporarily dethroned Microsoft (MSFT) as the most valuable company. Anything beyond a 10% drop from a recent high is considered correction territory. The chipmaker has since given back the crown with its market capitalization at around $2.9 trillion, below Microsoft's and Apple's (AAPL) valuations of more than $3 trillion each. Up until Thursday of last week, Nvidia played a pivotal role in buoying the S&P 500 (^GSPC) and the Nasdaq (^IXIC) to repeated record highs in 2024. The Santa Clara, Calif.-based company completed a 10-for-1 stock split on June 10. As Yahoo Finance's Allie Canal recently reported, Wall Street is mixed on whether the recent selloff signals long-term concerns with the stock. "The stock's steep climb makes it vulnerable to profit taking, but we argue any volatility [is] likely to be short-lived," Bank of America analysts stated in a note last week, reiterating a Buy rating and $150 price target while calling Nvidia a "top pick." Over the weekend Jefferies analysts maintained a Buy rating on the stock and raised their price target to $150 from $135, calling Nvidia the "king and kingmaker." Meanwhile Patrick Moorhead, Moor Insights & Strategy founder and CEO, told Yahoo Finance on Friday that investors should be watchful for signs a pullback is here to stay. While he doesn't see the status quo of Nvidia's dominance changing over the next six to nine months, investors should focus on "the downstream profitability that people in the ecosystem are making or not making." "These are the software companies like Adobe, Salesforce, SAP, and ServiceNow. Because if those enterprises and those consumers aren't paying more for these new AI features, then this whole gravy train comes to a screeching halt, like we saw in the internet bust," he explained. MY COMMENT NOT something that I have any concern about.....especially with this being a little 3-5 day drop. This statement above drives me crazy......and...makes me laugh: "Wall Street is mixed on whether the recent selloff signals long-term concerns with the stock." I would not mind seeing some further drop in the stock. I will have money from my kids house sale in a week or two and at least $30,000 of that money is going into NVDA. I will also be adding money to their other holdings.....MSFT, HD, COST, AMZN, GOOGL, CMG and AAPL. I am not going to "market time" the above money.....but it the market happens to give me a good price point....I will take it.
A nice HEFTY LOSS for me today in my nine stocks. I also got beat by the SP500.....or I should say STOMPED......by 2.95%. Moving on.
Once again tomorrow.....I will be paying minimal attention to the markets. I will be giving last minute attention of my kids house closing on the house they are selling and to the paperwork.....deed of trust and note..... on the house they just bought. just as well....there is nothing exciting going on anyway....so I need something to distract me.
The market gods gave me a nice gift today. ALL of my stocks are green except for HD which is nicely down today. I just bought 71 shares if HD in my siblings account. HD is the lone stock in the account that is down today. I got 71 shares at $338 per share. That is about a $14 discount from where it was yesterday. I was going to buy the HD shares today regardless of where the price was.....but....I will take this random little bit of market timing that fell into my lap today.
I will not be doing much on here today. I have various things that I have to do to finish up my kids......buying of a new house and selling of their old house. Today we will meet to sign the note and deed of trust on the new house. I will than record it some time over the next week or two.....there is no rush. Later today the signing of the papers for the sale of the old house will happen. I also have an electrician coming to the old house to complete "bonding" of the gas line for the sale.
Here is the market so far today. S&P 500, Nasdaq rise as Nvidia rebounds: Live updates https://www.cnbc.com/2024/06/24/stock-market-today-live-updates.html (BOLD is my opinion OR what I consider important content) "A rebound in Nvidia shares led the S&P 500 and Nasdaq Composite higher on Tuesday, a day after a sell-off in the chipmaking giant. The broad market S&P 500 added 0.2%, while the Nasdaq advanced 0.6%. The Dow Jones Industrial Average lagged, losing 108 points, or 0.3%. Nvidia shares gained than 2%. In the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19, when it lost 10%. The latest decline pushed the AI darling deeper into correction territory, or more than below 13% their intraday record. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm and Broadcom. Nvidia’s losses pushed the Nasdaq down more than 1% on Monday, its biggest one-day loss since April. The Nasdaq-100 also suffered its worst day since April as investors rotated out of chipmakers. This inter-market shift boosted the Dow by more than 200 points, making it the lone U.S. stock benchmark to post a gain in the previous session. But some investors believe the recent sell-off in semis isn’t a cause for alarm based on historical patterns. Renaissance Macro Research’s Jeff deGraaf told CNBC’s “Closing Bell” Monday that the summer is typically a tough time sector, noting that the third quarter typically registers as the worst period for the industry. “The good news is I think Nvidia is still in the long-term uptrend,” he said. “I think these corrections probably prove to be buyable. You just have to temper that sentiment.” SolarEdge Technologies sank 17% after announcing plans for a $300 million private offering of convertible notes, while Pool Corp dropped 8% after adjusting its guidance downward. Consumer confidence slightly weakens in June Consumer confidence edged lower in June as did their near-term outlook for business conditions, The Conference Board reported Tuesday. The board’s confidence index moved down to 100.4, slightly below the 101.3 in May but a touch better than the Dow Jones estimate for 100. The Present Situation Index rose slightly to 141.5 while the Expectations Index decreased to 73. “Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Dana M. Peterson, the board’s chief economist. In other economic news, the Richmond Federal Reserve’s manufacturing index slumped to -10 in June, down from zero in May and worse than the estimate for -0.5." MY COMMENT The consumer confidence and manufacturing index above are MORE good news for FED watchers. More ammunition for future rate cuts. All in all a mild day today for news........and.....a day with very good potential for a nice GREEN close. I like it.
Ok I am off to start my running around today. I will check in near the close. KEEP THOSE MARKET UP.....for me.
Continued bad news for people looking to buy a house. Mortgage rates in the 7% to 7.5% range. Prices as high as ever....actually higher. We are now seeing the larger homes.....5000 sq ft.....in my little neighborhood of about 85 homes.....selling for $2.5MILLION. There are two for sale right now at this price.......and they will probably sell fast. Home prices peak again in April, but appreciation decelerates https://finance.yahoo.com/news/home-prices-peak-again-april-145620914.html
A very fine day for me today. A BIG GAIN with only a single stock in the red.....HD. I am happy to see HD in the red today since I added 71 shares to one of the accounts that I manage. I also got in a BIG beat on the SP500 today......2.32%. I nearly made up everything that I lost yesterday.
We got all the papers done for the house that my kid bought and the one that they are selling. Once the funds clear I will be adding about $145,000 to my kids and their spouses accounts. I will also be adding about $520,000 to my siblings brokerage account representing the pay-off of my kids prior house loan (held by my sibling) and the down payment on their new house. ALL of this money will go into the brokerage accounts in accordance with the stocks in my Portfolio Model. EVERYONE in the family with accounts that I manage is invested in the same way as my accounts. These house deals wore me out.....especially selling the old house....since my kid and spouse did not have a realtor and I was playing that role for them so they did not have to deal directly with the sellers realtor. It was a smooth transaction but a lot of back and forth and documentation. Seems like all I have been doing is dealing with this house sale.....all day long every day......for the past three weeks. I am glad to be finally done.
WELL......it is CMG split day. Tomorrow I will have FIFTY times the number of shares. But......the same amount of money.
Unfortunately.....so true. Bull Market Headlines https://awealthofcommonsense.com/2024/06/bull-market-headlines/ (BOLD is my opinion OR what I consider important content) "Here’s a headline you only see during a bull market: This is from the article: “It’s a new way of making money,” Nova told Fortune. “New possibilities for people: that you don’t have to, in this day and age, work as hard. Work smarter, not harder.” Following the stars has worked out for Nova. She quit her job as a tarot reader and astrology consultant this year to day-trade, finding it a more consistent stream of income and earning about $5,000 a month. But that doesn’t mean it’s a good idea for everyone, one expert warns. Young people quitting their jobs to day trade. Using astrology to make stock picks. Pffft. This is the point where the grizzled market vet is supposed to say I’ve seen this movie before and I know how it ends. Yeah, this is bull market behavior to be sure. You don’t see these kinds of stories when the market is going down. Contrarian indicators aren’t hard to find right now if that’s how you view the markets. Bull markets are a breeding ground for bad habits. It’s easier to get lucky during a bull market. You begin to believe you’re a genius because everything you buy goes up. But this happens during every bull market. There are always people who believe they can day trade their way to millions who end up blowing themselves up. This is a story as old as markets. There are also positive externalities from this bull market. This is from that same article: Of course, the desire to control their uncertain future is one of the major reasons why Gen Z has fallen in love with investing in the first place. Driven by the fear of missing out and determination to escape the corporate rat race, over 70% of the generation owns stock, according to NASDAQ, more than prior generations at the same life stage. Some combination of lower barriers to entry, reduced fees, zero commission trading and improved technology means more young people are now investing. This is a good thing! And they’re doing so at an earlier age than previous generations. Here’s some data from Charles Schwab: In the pre-internet age, investing in the stock market required going to a physical location, filling out paperwork and writing a check. The fees were often egregious. Index funds and ETFs haven’t been around all that long in the grand scheme of things. The ease of access has been a blessing to a new generation of savers and investors. Robinhood now has 24 million customers: That’s up from a little more than 3 million in 2018. A big reason for this is the fact that you can download an app, link your bank account, move some money and invest with the push of a button on the tiny supercomputer in your pocket. Are there going to be young people that pay their tuition to the market gods? Of course. This happens during every uptrend. Mistakes will be made but it’s better to make them when you don’t have as much money at stake. Having millions of young people interested in investing is better than the alternative. Ten years ago I wrote about an entirely different proposition for millennials: Following the Great Financial Crisis, millennials were wary of the stock market. They saw their parents get wiped out, and whatever money we had in the market got cut in half. All we kept hearing about was the lost decade, stock market crashes, and doom and gloom. This was taken from a UBS report at the time: The Next Gen investor is markedly conservative, more like the WWII generation who came of age during the Great Depression and are in retirement. This translates into their attitude toward the market as we see Millennials, including those with higher net worth, holding significantly more cash than any other generation. And while optimistic about their abilities to achieve goals and their financial futures, Millennials seem somewhat skeptical about long-term investing as the way to get there. This was not healthy behavior either. I’m sure there are plenty of millennials who wish they could go back to the 2010s to buy equities at those price levels.1 Gen Z will experience a lost decade, financial crisis or bone-shattering stock market crash at some point in their investing lifecycle. Those events don’t happen often but human nature is undefeated in the markets. There are young people who are going to lose their shirts when the current cycle turns. Memestocks, shitcoins, part-time day trading and getting your investing advice from TikTok are not sustainable long-term strategies. But the fact that the 2020s has seen so many new entrants into the financial markets is a net positive for younger generations. Many of them will learn the right habits and technology makes it easier than ever to automate good behavior when that time comes. The good news is that Gen Z is saving and investing by utilizing their biggest asset–time–to their advantage." MY COMMENT I have never disclosed this on here before......but the BIG SECRET to my investing success......my MAGIC EIGHT-BALL. I use it to pick all my stocks and to confirm all moves in my account. It is my secret weapon. It works much better than Tarot investing......I should know I used them both and the magic eight-ball won out handily. YES......I am kidding.....but imagine if I was not after posting the past over 1000 pages. The truth finally comes out.
A mixed market today trying to decide which way to go....up or down. I dont get much feeling that the markets really care today. Just a boring and drifting day so far with stocks flailing around and not doing much.
As I said above. Stock market today: US stocks edge lower as investors watch for cues https://finance.yahoo.com/news/stoc...4207198.html?_fsig=gpwRZK6S58Q40l8kcxC2aw--~A (BOLD is my opinion OR what I consider important content) "US stocks slipped on Wednesday after the S&P 500 and Nasdaq snapped a three-day losing streak, as investors watched for signs of life in the tech-driven rally and weighed the prospects for rate cuts. The benchmark S&P 500 (^GSPC) fell around 0.2% while the Dow Jones Industrial Average (^DJI) dropped about 0.4%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) was just below the flatline as Nvidia (NVDA) extended its rebound. A wobbly last handful of sessions has left investors wondering whether the drag on stocks is temporary or the start of a more solid retreat. The outsize impact of Nvidia stock on broader performance has underlined the question. At the same time, the market is looking to economic prints for cues ahead of the key PCE inflation release on Friday. Federal Reserve speakers this week have underlined their caution in deciding to make interest-rate cuts, dependent on the data. Elsewhere, Rivian (RIVN) shares surged more than 30% in morning trading after the EV maker announced an alliance with Volkswagen (VWAGY) that could boost its coffers by up to $5 billion. FedEx (FDX) stock jumped as its 2025 profit forecast topped Wall Street estimates. Investors will watch how Chipotle (CMG) fares as its 50-for-1 stock split takes effect this morning — the largest in the history of the NYSE. Shares in the burrito seller are up 47% year to date." MY COMMENT I have not mentioned it lately.....but....the FED FOOLS have been out in force lately blabbing to the media and getting their egos stroked. I am hoping that everyone has finally decided to simply see them as irrelevant. BUT....never underestimate the ability of the media to fear monger irrelevant "stuff".
This is about the ONLY news item that I see today of interest to investors that might own this stock. I dont own it and have no interest in this company. It is good news for the company to get this funding....but over the long term.....I dont see this as much of a move for VW and I dont see that VW will bring anything to RIVN except for the cash. Rivian stock soars as Volkswagen says it will invest up to $5 billion in new joint venture https://finance.yahoo.com/news/rivi...5-billion-in-new-joint-venture-210921047.html AND Rivian investment a ‘catch-up move’ for Volkswagen that could take years to pay off, advisory firm says https://www.cnbc.com/2024/06/26/rivian-investment-a-catch-up-move-for-volkswagen-globaldata.html
