Stocks were sharply lower yesterday following headlines about Iran launching missile strikes against Israel. This, unsurprisingly, pushed up implied volatility and oil prices, triggering a flight-to-safety trade.
However, this could be a key factor to watch because if it is indeed a bear pennant, it may signal a target for the Nasdaq around 15,960, which aligns with the July 2023 highs.What’s crucial for the S&P 500 is the 5,700 level, which represents the zero gamma level. This level distinguishes positive gamma from negative gamma.
Gross Margin estimates for fiscal 2025 have already started to fall, but if these headlines prove accurate, they may have to fall further. With increasing competition, Nvidia could face more pressure on profitability moving forward. I’ve owned Apple stock for years, and I think the iPhone 16 Pro Max is just okay. It doesn’t feel like much improvement over the iPhone 14 Pro Max I had before.
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