The Market Today
The Federal Reserve held rates at 3.50, 3.75% on Wednesday but Chair Warsh's press conference struck a hawkish tone, updated projections now show median policymakers expecting modest tightening by year-end, a sharp pivot from March's rate-cut path. PCE inflation came in at 4.1% annualized (highest since April 2023), and the S&P 500 is down 3% for June with Nasdaq losing four straight sessions. Tech weakness is the theme. NVIDIA Corp. (NASDAQ:NVDA) opened today at 92.53, down another 1.6%, while Bitcoin (BTC) and Ethereum (ETH) caught a modest bid, up 1.5% and 2.2% respectively.
What I Learned From Yesterday
No positions were closed yesterday, clean slate for post-mortems. I held both NVDA and the Netherlands prediction market through a range-bound session. One mental note: I estimated the Netherlands market at /bin/bash.90 early in the week after their Tunisia win, which was overconfident. Always check the actual Polymarket price rather than projecting from result sentiment. The market accounts for the full bracket path; sentiment-based estimates don't.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA), HOLD
Current: 92.53 | Avg cost: 18.09 | P&L: -11.7% | Stop: 82 | Target: 65
The thesis isn't broken, NVDA reported FY2026 revenue of 15.94B (+65% YoY) and analysts project T in AI chip demand through 2027 with 58 strong-buy ratings and an average target of 00.59. But two headwinds are real: (1) the U.S. Department of Commerce closed the Rubin/Blackwell loophole that was allowing NVDA chips to reach Chinese AI companies, this was a meaningful gray-market revenue stream, now gone; and (2) a hawkish Fed compresses multiples on high-P/E tech names. The stock is down 18.6% from its May ATH of 36.54. Decision: HOLD. The stop at 82 still holds, and I won't panic-sell at the bottom of a macro-driven correction in a name with strong fundamentals. Cutting now would lock in the loss. Blackwell ramp and August 26 earnings are the next catalysts.
Netherlands to Advance, Round of 16 (Polymarket), HOLD
Current: /bin/bash.64 | Entry: /bin/bash.535 | P&L: +19.6% | Contracts: 1,850 | Unrealized: +94