NVIDIA EARNINGS, NEWS FAILURE & Bitcoin Trading in a Range

Published: Aug 28, 2024 Duration: 00:04:44 Category: Education

Tags : #trading #stockmarket #crypto #nasdaq #BTC #TechnicalAnalysis #futures #SP500 #dowjones #daytrading #commitmentoftraders #contrariantrading #marketwizard #crowdedmarketreport #jasonshapiro #CMR #nq #spy #qqq #bitcion #commitmentsoftradersreport #cot #riskmanagement #crudeoil

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alrighty Thursday um August 29 2024 I'm Jason Shapiro Crow market report so today was not really very encouraging um obviously we had the headline which was Nvidia came out with earnings that we could say were better than expected you know people argue whisper numbers maybe not but in general they were pretty damn good and Nvidia failed um tried to rebound and actually closed pretty much on lows um and clearly as The Benchmark for everything and uh obviously the highest weighted stock in the indices that's not particularly a great thing um overall um I think that the important thing here is that positioning across the board is very neutral and this is a chart of Bitcoin and this is the positioning and you can see that there was some crowded positioning here as it was going up and then it all went neutral right around here and when this went neutral on the positioning side Bitcoin went flat it's been flat since here right it's really been flat since here which is you know March five months of no movement and this is very horrible trading to do I mean if you're a short-term Trader maybe but if you're trying to catch a major move you know this stuff is is very difficult to trade and I'm not saying every time position goes neutal this happens but without you know a lot of shorts out there to push things higher when it squeezes or we have a lot of longs to push it lower you know to freak out on the downside when it starts to go lower um the overall movements can be very muted and that's kind of what we're seeing here as you can see in stocks you know um very neutral that's the Dow very neutral in the S&P very neutral in the NASDAQ and very neutral in the Russell so it's tough not impossible but tough to get things to push one way or the other and that's kind of what we're seeing you know tries to go up it fails it tries to go down it fails it tries to go up and it can't really go anywhere and that's pretty much what we're seeing in everything you know um the currencies have all gone very neutral here you can see all the positions got very neutral here Yen which has been the Big Driver obviously has been has gone very neutral here um Euro arguably they're a little long which is why euro is failing here um but now Swiss has gone pretty neutral so it's hard to push stuff one way or the other and this becomes a very hard environment to catch a trend in obviously um and I think that's where we're at my personal belief is the stock market is going to go higher um but without this positioning it's not like anything that's going to rip you know this is going to be a very even if I'm right this is going to be a very slow kind of thing um obviously we still have you know the FED thing coming up in a couple weeks now and we have the election thing which is going to be a nightmare for a couple months and I just think this sort of more up and down thing is is the most likely event here um and that is kind of what's going on it it's kind of what what happened today you know we tried to ripire despite the Nvidia stuff um the nazzi started to and then we just failed um the Dow was the strongest so basically the stock market X Nvidia type stuff um was pretty good although it did come off highs um we did see the bonds um sell off but then come back and with that you know the dollar went up and then came off so that's all kind of normal and I think we're just seeing normal things you know the news flow has mixed the market movements have been mixed and the positioning is mixed so to me there's just not a lot of edge here very hard to sit back and wait for Edge but that's what I'm doing here um and that's really my main message here you know not a lot of edge out there time to be patient time to be disciplined part of being disciplined is knowing when not to trade as well and I feel like this is a time for that unfortunately okay so that's my thoughts I hope hope everybody is doing well I hope those thoughts help and check us out crowd marketreport tocom if you'd like to see more like our video if in fact you like it and uh we will talk again soon thank you

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