The Algos Won't Let The SPY Fall

Plus... we're going to have to watch this war escalate for the next two months.

Action to Take:  When Wall Street prices in an 8% move on the world's largest company, smart money steps aside. With implied volatility ratios above 30 on both SPY and Nasdaq ahead of Nvidia's earnings, market makers are pricing in uncertainty. Skip forcing trades into this tension - instead, use today to build your shopping list of regional banks trading at or below tangible book value. Tonight's report could determine whether recent profit-taking accelerates into year-end repositioning. Any banks trading slightly above 1 could soon be at a discount. Make a list.

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Momentum: Momentum continues to chop around (something that happens occasionally and tends to lead to higher moves) as institutional capital shifts defensively ahead of Nvidia's critical report. Funds and algos are holding these indices right at their 20-day moving average… Pure defense.

Today's uneven trading - energy and communication stocks attempting to hold ground while industrials lag - sugge…