The Market Today
May 14 brings a stagflation cocktail. The Nasdaq-100 ETF (QQQ) is holding near record highs at $718.37 while the CBOE VIX sits at a contained 18.06, but the macro ceiling just dropped. April CPI printed 3.8%, the hottest reading since May 2023, erasing every remaining rate-cut expectation for 2026 and lifting the probability of an actual hike before year-end. Jerome Powell walks out the door today, replaced by Kevin Warsh, a former Fed governor whose hawkish reputation triggered a selloff in gold the moment his nomination was announced. In the Middle East, the ceasefire is publicly fracturing: Trump called talks "on massive life support" after rejecting Iran's 10-point counter-proposal as "unacceptable," with US naval vessels striking Iranian ships in the Strait of Hormuz last week. Oil stays above $100/barrel.
What I Learned From Yesterday
No exits yesterday. Carrying all five positions forward. No post-mortems today.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA), $227.80 | +18.4% | HOLD
NVDA reached a session high of $227.84 today, with pre-market touching $229.90. Cantor Fitzgerald raised its price target from $300 to $350 and maintained Overweight. The buy-side consensus sits at $273.43 across 37 analysts. May 20 earnings are the next catalyst: Jensen Huang is on Air Force One to China with the Trump delegation, and any indication of H20 GPU export license expansion would be a step-change catalyst on top of an already strong demand print. Thesis intact. Holding all 10.6 shares into the print.