[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] There’s a lot talk about tonight. There are around $5.5 trillion worth of derivatives expiring as I write this – massive positions are coming off the books. That’s bigger than Japan, bigger than France – bigger than all but two world economies. That’s big. The SPX hit its $65 expected move, no sweat, this week. We’re seeing heavy capital rotations, too. Nvidia and Meta crapped out, Amazon, Google, and Microsoft are filling that hole. All of this is shaking things up. This is changing the story. We’re going to talk about that story right now. We’ll cover triple witching, we’ll check out these rotations, and the opportunities unfolding in GLD and TLT. So let’s start talking…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The Magnificent Seven oftentime market leaders were, collectively, down more than 1% by midday. The broader NASDAQ-100, around 55% of which is tech, was off around 0.06% over the same timeframe. That doesn’t sound like much, because it really isn’t, but the selling is important because it’s a sign of the times: The appetite for risk is drying up, and capital is increasingly making a classic “flight to safety.” You can really see this happening in the S&P 500 and NASDAQ futures, ES and NQ, respectively. I’m going to pull up my charts for both of those contracts to give us a sense of this from a technical perspective – very important. We’ll also look at how this is playing out in specific sectors we’ve been looking at lately, like utilities and healthcare, to name just two. Let’s get started…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Tech stocks continue to lead the market higher – a bullish sign given the sector’s tendency to lead. But there’s a setup I’ve been talking about lately; it’s beginning to taking shape and could be even more bullish for the foreseeable future. There’s a global flight to safety underway right now. The world’s investors are taking refuge in dollar-denominated assets, seeking the integrity and stability of American markets. That’s all but certain to push us higher… until it doesn’t. Here’s what to do about it…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Another day, another all-time high… Traders seem to have largely shrugged off the FOMC statements of last week – might as well have been 100 years ago. That press conference didn’t exactly deliver the goods for the bulls. Then again, this week features a number of speeches from Federal Reserve members; maybe the bulls are holding out hope there. Equities and oil both surged today… but bonds, the VIX, and gold forgot to participate. Cyclicals and tech led stocks higher and, in theory, the bulls should be dancing in the streets, but the undercurrent of rising volatility and higher yields doesn’t exactly scream “conviction!” We’re going to look at what this all means in tonight’s video – plus a look at HOOD, AAPL, NVDA (of course), PZZA, a a lot more…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Just a few minutes before the close this afternoon, the SPX was grinding right up against its expected move – a level we called days ago. So, no surprise there. The upside “grind” isn’t really the big story here. The thing that’s got my attention is divergence. It just keeps on widening. Tech is leaving the broader market behind – post-NVDA split, too. And as I’ve said before, divergence usually ends in volatility. You better believe we’re talking about that tonight – we’re going to look at SKEW, the VVIX, the greenback and, just because we don’t have enough on our plates with all this @#$%, the looming return of the Triple Witch. Let’s go…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The big indexes are just slightly off their recent all-time highs, but of course, not all stocks are doing equally well. My attention is on the energy sector right now, as tracked by the Energy Select Sector SPDR ETF, XLE. It’s down close to 1.5% over the five days, and the zoomed-in chart I’ll share with you in a moment, you’ll see we actually broke through a multi-month low. It hardly crashed through, and it soon recovered, but it did break support. We’ll look at the likelihood of a bearish trend taking hold here. Crude oil itself is experiencing lower highs and lower lows. It also broke through support but when it bounced back, it failed to punch through resistance. As you might know, utilities stocks tend to work in inverse correlation to energy. As energy costs drop, their profit

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] Now this was a trading session! Today had it all – the Fed, economic data, volume… I’ve been at this for more than 25 years, and I have never seen the kind of trading in individual products that we’ve seen today. Let that sink in for a second. The markets exploded on cooler inflation numbers – just a hint of selling activity but it didn’t last at all. We rode the upper edge of the SPX’s expected move for most of the last hour of trading. Shorts are squeezed outside of that. But… like I hinted a second ago, today’s order flow was highly significant. It’s dried up from all but the Big Tech stocks. I’ll tell you why that’s important and what I think is the best way to move forward…

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] The markets are facing some formidable headline risk right now… The FOMC will make a decision on rates (Europe and Canada have already cut) – and Jerome Powell will speak after the minutes are released. That alone would be enough to make anyone think twice, but to top it off, we’re getting some very important inflation data tomorrow. But under the surface, the environment looks… not half bad. There’s a lot here for the bulls to work with. Tech and communications stocks continue to outperform and there’s not much headwind blowing there. Apple is heading to new all-time highs despite lukewarm reception of its AI initiatives and, one of our top plays right now, Crowdstrike, just got a spot on the venerable S&P 500. Here’s what you need to know before the market opens – to all that headline risk

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] If ever there was a week that should be wracked by volatility, this is it… Market-leading AI/chip stock Nvdia just concluded a 10-for-1 stock split – if you owned one share last Thursday, you own 10 now. Historically, these splits aren’t all that kind to stocks. The AI stock is said to be “priced to perfection,” but we’ll just see about that this week. AI might not be enough to save Apple right now. At the company’s Worldwide Developers Conference corporate honchos announced new AI initiatives and product integrations. AAPL shares sank like a stone. I’m old enough to remember when the letters “AI” and “WWDC” were reliable intraday profit catalysts for this stock… but it seems AI doesn’t have the cachet it did just a few months ago. Then again, releasing similar features as your competitors doesn’t add much

[video_player type=”embed” style=”1″ dimensions=”640×360″ width=”640″ height=”360″ align=”center” margin_top=”0″ margin_bottom=”20″ ipad_color=”black”][/video_player] NVDA’s 10-for-1 stock split is in motion – traders who held as share at the close yesterday will get nine additional shares at the close today, and come Monday morning, the price will be split-adjusted down from $1200 to $120 or so. But that’s not the big story here, not by a longshot. The gamma squeeze (essentially market makers gobbling up shares) that helped push the price higher over several sessions now looks to be coming to an end. Today, I’m going to talk about whether NVDA at $120 can still drive the market the way it did at $1200. That’s not just FUD – Nvidia has essentially made up 50% of the S&P 500’s returns year-to-date. If it doesn’t have the juice to keep doing that… watch out. We have to look at today’s jobs data, too – it