NVDA gaps above its VWAPs, QQQ pins the monthly VWAP: $NVDA's gapping above all its VWAPs this morning, and that node was a heavily flagged spot on the heatseeker, so it could get targeted again into end of week. Zoom out and $QQQ's sitting right at the monthly VWAP overnight, same setup showing up on the Nasdaq 100. That's the line in the sand for whether this NVDA pop actually breaks the index out of its downtrend or just fades back into it.
PENG's bull case rides NVDA's AI factory comments, CXL pulls in MRVL and ALAB: Huang's call comment that enterprises, sovereigns and neoclouds don't have the in-house skill sets to build a full AI factory platform is basically the whole $PENG bull case in one quote, and he pegged that market growing 100%+ YoY, on track to be bigger than NVDA's own hyperscale business soon. Separately, the CXL adoption read coming out of Hot Chips names $MRVL, $ALAB and $PENG as the likely main beneficiaries. Two different threads, same names showing up on both.
Stopped out of the rest of BWEN, thesis still stands: Got stopped out of the remainder of $BWEN, so that one's closed out. Bullish case doesn't die with it though, BWEN's one of the few names with a 100% domestic supply chain while competitors lean on imports, and that's an edge that matters if trade policy stays a theme. Might revisit if it sets up again.
Power grid names getting a policy tailwind: Bullish read building on power grid names here, stacking on top of the Defense Production Act signed back in April. Grid capacity is turning into a real administrative priority, not just an AI-demand talking point, and that kind of policy support tends to have legs. No specific tickers or levels yet, just a theme worth keeping on the radar.
SPR keeps draining, -5 again this week: The SPR's still getting drawn down at a steady clip, another -5 this week. If that pace holds, the estimate is it could start catching up to prior levels as soon as October. Worth watching as a slow-burn tailwind for oil if the drawdown ever flips into a rebuild.
PCE ran a touch hot on headline, core stayed in line: PCE printed slightly hotter than expected on headline, but core came in line and most of the upside came from a single component that isn't the worrisome kind. Market chopped into the print and sat in an inside day on $QQQ ahead of NVDA and Jackson Hole. Software earnings held up well in the mix too, $CRWD included, so no real damage done here.
Jackson Hole is the last hurdle before the September push: Read here is more fake-deal-style headlines could show up soon to keep fueling a September rally, but Jackson Hole is the hurdle to clear first. If Warsh can say something that calms the bond vigilantes, that's the setup for a more risk-on tape. If not, all bets on the smooth continuation are off.
Aggregated and distilled by Two Sentence Traders. Not financial advice.
