Doubling Up on Nvidia Puts
I doubled up on my Nvidia ($NVDA) put position on Friday.
Position: Long NVDA Puts
Weekly Roundup: Portfolio Extends Lead, Adds Firepower Ahead of Earnings Season
We locked in gains on three holdings, giving our cash levels a boost as the Q2 earnings season heats up.
Rotation Reverses Ahead of Big Bank Earnings
The SK Hynix IPO performed fairly well but sustained momentum will be difficult.
The Meta Effect, Semis Surge, Wall Street Says, ‘What War?’
Markets brush off fighting with Iran as Meta talks about making its own AI chips; South Korea’s SK Hynix lists on Nasdaq; I give a chart checkup on the market.
Things I Did Yesterday
Here were yesterday’s things:
* New short position — Bloom Energy ($BE) at $265.39
* New option position — Bought Nvidia ($NVDA) puts
* Reshorted $SPY at $748.88 and $QQQ at $722.58
* Shorted $GRNY at $27.81
* Shorted $JOET at $45.97
* Reshorted Morgan Stanley ($MS) at $223.61
* Supersized long $MSOS at $4.46
Position: Long MSOS (VL), NVDA puts; Short SPY (VS), QQQ (VS), MS (S), GRNY (M), JOET (S), BE (S)
First Time, Long Time
Nvidia ($NVDA) is trading at $202.10. I am buying monthly puts for August.
Read “More Tales” for my rationale.
Note: The entire Halftime crew of panelists are long this name, with SLINK buying for the first time today.
Position: Long NVDA puts
Chip Heavyweight Hynix Projected for $28 Billion Record IPO
Shares in the Korean semiconductor firm are set to list on Friday and raise a record amount for a company based outside of the U.S.
Less Than Meets The Eye
* S&P EPS growth, that is….
The business media has been ecstatic about strong, aggregate S&P EPS growth – serving as the foundation of the bullish argument.
But, take out Micron ($MU) and Nvidia’s ($NVDA) earnings, all the non recurring gains (in the hyperscalers) from unrealized investment gains coupled with the (one time) energy sector contributions (from much higher oil prices – which will likely become more difficult two quarters out) – and things look much different and far less robust.
5 Market Themes at a Crossroads as We Head Into Earnings
This is a market in transition — and how these themes unfold will determine what happens next.
Examining ‘Group Stink’
* And fading it…
I don’t own and am currently short (and have been recently short C, JPM, GS, MS, UBER, NFLX, homebuilders, etc.) some of the most consensus sectors.
I am long some of the most non-consensus sectors.
Consensus Longs:
* Memory: SanDisk ($SNDK), Micron ($MU), Intel ($INTC), AMD ($AMD), Applied Materials ($AMAT) (“it’s different this time”)
* Value Tech: Adobe ($ADBE), Oracle ($ORCL), ServiceNow ($NOW) and Nvidia ($NVDA)
* Tech With Biggest Moat: Apple ($AAPL)
* Value Industrial: Caterpillar ($CAT)
* Best Overall Value: Homebuilders
* Streaming: Netflix ($NFLX)
* Autonomous: Uber ($UBER)
* Entertainment: Disney ($DIS)
* Financials: JPMorgan ($JPM), Citigroup ($C), Goldman Sachs ($GS), Morgan Stanley ($MS)
* Frontier Exposure “For The Long Haul”: SpaceX ($SPCX)
Non-Consensus Longs:
* Cannabis: $MSOS, $VRNOD, $TRLV, $GTBIF, $GLAS
* Private Equity: Apollo ($APO), Blackstone ($BX), KKR ($KKR)
* Consumer Staples: Kimberly-Clark ($KMB), PepsiCo ($PEP), Procter & Gamble ($PG)
Positions:
Long MSOS (L), VRNOD (S), TRLV (S), GTIBF (S), GLAS (S), APO (S), BX (S), KKR (S), KMB (S), PEP (S), PG (S)
Short SPCX (VS), SNDK (VS), MU (VS), INTC (VS), AMAT (VS), AMD (VS), CAT (VS)