BNN - Thursday, May 23, 2024 - 03:00 p.m. (ET) - Segment #4

Champion is considering strategic partnerships to further develop the region. Champion Iron. At the cse, we're always invested in public markets, in business, in growth, in you. ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) ( )Vertical farmingis on the rise. As agriculture evolves,we're harvesting value in ai. Go beyond the obviouswith a global perspective. Agf. Invested in Discipline. Hi, I'm Jessica Katrichak. Coming up on btv. Casino right now has a full feasibility on it. It was done in mid 2022. So quite current. We're taking the project through the permitting stage. It is a very important asset globally. That's what attracted me to the company. It's about 11 billion pounds of copper, a 20,000,000oz of gold. I think this is something that could really put Yukon on the map and would be a driving force of its economy and its prosperity for a very, very long time. Watch us online or here on bnn Bloomberg. >> All right, let's take a look at some of the market action. We're continuing to see gains for nvidia. Pleau poised to close. >> At a record high on what was a pretty perfect quarter. Let's face it. Sales profit, cash flow, margins, everything better than expected. The forecast was better than expected. And jensen wang really putting to ras some concerns that this is a company that maybe can't maintain that growth. Those are all the fundamental reasons that we're seeing nvidia move higher. But I want to take a technical look at the markets. Let's bring in carter brats are worth the ceo and founder of worth charting carter. Thanks so much for joining us. And I wonder for seeing this huge sekkingstad down, that's coming out of the entire market and being deployed. And nvidia today. >> Yeah, are remarkable thing. Of course, its strength alone nvidia's having a fairly muted interest. The response, if you look at the past 5 quarters, it's been up as much as 24%. 14 16, there were 2 that was sort of inch. So this isn't as big as some of the others, but it's a textbook breakout above well defined intermediate tops. What's so curious is how big it is compared to like an interview. Nothing about the total value of stock trades that nvidia is going to be about 19 billion. Intel's entire market has 120. It's just, you know, it's such a small thing in terms of those compare, nvidia I want some your 40% weight of the semiconductor next this point. So all eyes and we see the set up in the chart, a textbook pretty account now the question cell calls. I would do something like that you would or you want. I would sell calls. Premium is all built up after day. You have people who are forced to cover shorts chasing and you'll get a lot of premium unit in june or july. 1100 that's the kind of thing I would okay. And that's kind I guess it is short term, but but when you do see those, those breakout. >> Does that does that suggest if you're just, you know, a lot of investors just plain vanilla of held this stock and are sitting on mountains of gains and wondering, you know, continue your show, just take my take my profits here. >> I would say it does continue momentum of all the factors that have been tested relative strength and momentum are some of the most powerful, both on the downside when the stock keep losing and losing like a walgreens boots and and the same thing on the upside. So again, you have to know who you are in the market, what your time frames are. But on tactical bases taking in premium. Looking out only 30 60 days after a gap like this, you have price discovery. It's not going to happen again. And so by taking in premier and not having the stock hallway view effectively, lower your cost basis. Let's talk about nvidia relative. Some of the other semis today. The reaction is interesting. Amd it's close as distant. >> Second command utter is is down on on the results in tao is also down. So it's not necessarily a rising tide lifting all boats situation. Are any ofthose other 70's looking interesting to you. >> Not so much a certainly

much more do. But again, think about and these 250 million versus 2.5 tries to one 10th the size and intel is one 20th the size of the 2, I would does that is the preferred? >> Gently, I mean, it used to be that we look at the transports as a bellwether of, you know, their economic strength or market strength. We've seen the transports pull back at a time that the 70's have massively outperform. How are thinking about that, that dichotomy these days that transports flashing a warning. >> Again, about time transport have been underperforming the dow to those who subscribe to doubt for quite some time. We've yet to even take out 2021 high but remember, there's some curiosity to it's a price weighted for instance, fedex is 11% to $240 stock in union pacific is $230 doctors. To put that in context, they're both about 10% of the top 2 stocks or 20% weight, whereas consider this the 4th biggest land star, right? It's a trucking company, it's almost 8%. And yet american airlines is 50 basis points. Chelan star is, is smaller than american airlines, considerably smaller business rent, a market cap. And lancer, the trucker has an 8% weight in the index. And american airlines has a 57 basis point. A lot of it has to do with that. But either way, the cyclicality of the group and its poor performance can't be sort of brushed under the so what that's interesting. On one hand. >> Then maybe it's the construction of the index that might be skewing the results. But on the other. >> You don't want dismiss it outright. >> No, no, you you have to be aware of the index and how it's constructed in order to figure out, you know, how to invest in it. But what we know is this is a very cyclical airlines are terrible. This been fish. 60 bankruptcies, united all of these have been bankrupt more than once they come back to try again. And trucking, all of it, real roads are the most sort of secure of that group because it's obviously just only a few absolutes. I really you cannot build a new rail road, can get the land to get the track so much safer, but they too, are single. And then again, which rewards are hauling cars versus grains, which moving in this part of the country. That's idiosyncratic kind of thing in their totality, the package dollars, fedex and ups, the truckers, the rails it's a sloppy area, the market and I think it does have implications for the ultimate message that we're probably not as robust economy is, many would believe, you know, going into nvidia's results. I had some guessing, you know, it's great make or break for the market. >> Seems to just be make or break for nvidia because the park it is, is pulling back today. And I wonder if we put more stock in, you know, to your point, the fact that the transports are rolling over defensive sectors doing golden and record highs. Utilities have massively surged, though some are telling me it's, it's an ai play too. Apparently utilities, copper, but utilities are so far above trend. On trailing sort of. >> 5, 6 week bases outperformed the market by 7, 8, 100 basis points for very, very low be there in the market. Treating farther above the moving average a point the ast 10 years, they become part of they were popular and now they are. And those arrows as into those are points that which you're more than 10 15% above 250 day. And at this point, you take profits. >> I don't know if it's going to happen today. But it might at the sec has a decision to make on and it etf. Certainly there was an indication that the beginning of the week that it look more likely than not. I just wonder if you could give us here are your $0.2 are 2 on chart. >> The displays. So to a former high in principle sequencing is as follows. When you recover back to a difficult level, you find difficulty of to contend with a former high before exceeding it. And this is the same for bitcoin. So a big move in 2021, a substantial selloff. After all 304,002 1000 and then even lower. And I was work back to the level from which it sold off. And principal sitting up for what I would think is a breakout to new highs. All right, thank you so much for all of this inside carter, I appreciate your time. That's carter braxton, where ceo. >> And founder of worth charting. Well today as a real-time, the war between ai and everything else as the prospect of a fed rate cut moves further and further into the distance. We're looking at the dow plunging now. >> 600 points, we'll unpack all of this with bloomberg's vince cignarella next.

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