Stock Market Update Tuesday February 20, 2024 Stocks remained under moderate pressure ahead of tomorrow afternoon’s pivotal Nvidia earnings release, with the S&P 500 and Nasdaq 100 retreating by 0.6% and 0.9%, respectively. Nvidia selling off before the earnings release tells me that they are going to crush earnings. Even if we receive a sell alert from our algorithms, we do not short growth stocks. If you are not in this position wait until we receive a sell alert, then a buy alert to go long.
Away From Stocks: Treasurys enjoyed firmer footing as 2-year yields ticked lower by five basis points to 4.59% and the 10-year note settled at 4.27% from 4.3% Friday, WTI crude pulled back to $77 a barrel and gold edged higher to $2,024 per ounce. The VIX climbed above 15 to mark its second-highest close of 2024.
