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Amazing how so many are ignoring what’s going on with $SMCI as if the 10-K filing delay is due to losing the key to the cabinet where the accounting ledgers are stored. A company not filing its 10-K by the deadline is a big deal BY DEFINITION. The real focus should be on the size of the problem, not on whether it exists or not 🥹 This one could take NVDA down as well...
SMCI – THE NUCLEAR NOTHING BURGER THAT CAN EXPOSE NVIDIA SHENANIGANS:
(Great article by justdario)
https://justdario.com/2024/09/smci-the-nuclear-nothing-burger-that-can-expose-nvidia-shenanigans/
Markets are playing with fire on Israel invading Lebanon. This begins major shutdowns of trading passages, OIL corridors, and brings multiple countries into battle. It’s 100x worse than Gaza. As if stagflation, slowing economy, fraud, corruption isn't enough to bring the house of cards down...Gold sending a message.
Charts don't account for world war and geopolitical risk. Doesn't look like the current Government admin can hold this off any longer. October will likely be a providentially timed reckoning for the markets...and right before the election.
https://x.com/sentdefender
https://x.com/CaptCoronado
https://x.com/TimesofIsrael
https://x.com/BRICSinfo
Buffett Dumps More BofA Shares As Stake Nears Key 10% Non-Reporting Level:
https://www.zerohedge.com/markets/buffett-dumps-more-bofa-shares-stake-nears-key-10-non-reporting-level
Moment of truth? Interesting perspective:
$NVDA remains in the nightmare $CSCO scenario https://t.co/MEUwxfB88K pic.twitter.com/nkka1vaIWL
— Financelot (@FinanceLancelot) September 11, 2024
You are right to always go with what the official filing states. IDK what his future plans are, but below is what was circulating on X/twitter yesterday right before price spiked:
https://www.barrons.com/articles/nvidia-stock-ceo-jensen-huang-5ba38f1c
The titled article states "He’s Done—for Now." but also said that Nvidia didn’t make Huang available for comment, and the company also declined to comment. Just a daily pump followed by a huge after hours dark pool print.
The bigger news is below:
The Coastal Journal
@1CoastalJournal
- Distribution and Marketing: Carahsoft has been recognized by NVIDIA as its public sector distributor, explicitly mentioned in events like webinars focusing on AI solutions for law enforcement, indicating a partnership where Carahsoft plays a crucial role in bringing NVIDIA's GPU and AI technology to government entities.
- Awards and Recognition: NVIDIA named Carahsoft as the Americas Distributor of the Year, which highlights the strategic importance of Carahsoft in NVIDIA's market penetration strategy within the Americas, especially in government and educational sectors.
- Sales and Contract Vehicles: Carahsoft has been instrumental in adding NVIDIA to various federal, state, local, education, and cooperative contracts, thereby facilitating easier procurement and adoption of NVIDIA's technologies by public sector organizations.
- Joint Initiatives: There are mentions of joint marketing efforts, like multimedia campaigns for NVIDIA's GPU Technology Conference, suggesting active collaboration in promoting NVIDIA's technology stack.
This relationship indicates that NVIDIA backs Carahsoft not just as a distributor but as a strategic partner in expanding its reach and impact within the public sector, leveraging Carahsoft's extensive network and contracts in government IT solutions.
Good video, Count!
Silver close to joining the warning chorus...Silver rising 5x stronger than gold today...
Got eagles? Got silver dimes?
Anything to keep the markets propped up til election. They don't want a war, or markets crashing til election. NVDA is right in the middle of all this as it moves markets like the tide.
I just don't have any confidence in the government or politicians doing anything right. Even their schemes backfire on them at the worst possible time. I sense we will witness some surprises "before" the election...and most definitely after.
Stagflation. Gold at all time high...sending a message.
lol. That's what it amounts to.
I read earlier that Jenson said he was done selling shares...for now. That may have caused a bit of a squeeze. Probably a politically motivated and timed decision.
Citigroup told to get its house in order before it will be allowed to expand into China
"Citigroup Inc.’s expansion plan in China has hit a roadblock with US regulators after the Federal Reserve imposed a penalty on the bank for its data management and risk controls, according to people familiar with the matter.
The bank is facing delays in setting up a standalone securities firm because it hasn’t yet received a clearance letter from the Fed verifying its regulatory standing, which is required by Chinese authorities.
Citi was instructed to resolve its data management problems at home, after being hit with a combined $136 million in fines in July, the people said, asking not to be identified because the matter is private..."
https://bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators
Citigroup is fined an additional $135 Million fine, on top of the $400 Million it was fined in 2020, for its risk issues.
"Banking regulators rejected Citi’s “living will” in June. That document was supposed to show how Citigroup could be wound down safely and orderly in case of failure."
This might be helpful to Kathleen Martin's case. She is the former Citigroup managing director who sued the bank after she was fired, allegedly for refusing to give regulators false information
"A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues.
It’s a major blow to Jane Fraser, the bank’s CEO, who has staked her career on making Citi leaner and less complex.
The fines come from the Federal Reserve and the Office of the Comptroller of the Currency, which said in separate releases that Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues.
While the regulators said the bank had made progress, there were still significant problems at the bank that required the OCC and Fed to assess additional penalties.
The $135.6 million fine is on top of the $400 million fine that Citi paid back in 2020 when the original consent order was signed. Citi will pay $61 million to the Fed and $75 million to the OCC as part of this round of penalties.
In a statement, Fraser acknowledged the bank hasn’t made progress quickly enough and that it is possible for Citi make itself less risky..."
https://pbs.org/newshour/economy/federal-regulators-fine-citigroup-136-million-for-taking-too-long-to-fix-internal-control-issues
@WigdorLaw
"A Former Exec at Citibank Raises Alarm Bells in Federal Court Over Failed Risk
Controls Inside the Bank"
From the
@WigdorLaw
federal lawsuit filed by former Citigroup Managing Director Kathleen Martin:
"...in late 2021, Citi hired Martin, a data governance expert who has worked with some of the top financial institutions, to help Citi revamp its data processes and avoid further legal jeopardy. Citi hired the right person.
According to the Bank’s internal documents, Martin was an “exemplary” performer who “exceed[ed] expectations.” Even Jane Fraser, Citi’s Chief Executive Officer (“CEO”), gushed over Martin’s work, stating that she had received “terrific feedback” about Martin, and praising Martin’s “gravitas” and her ability to build “strong relationships” at the Bank.
That all changed when Martin protested Citi’s attempts to file false information with the regulators. Specifically, Martin’s supervisor and Citi’s Chief Operating Officer (“COO”) Selva wanted Martin to hide from the OCC critical information about the Bank’s data governance metrics because, according to Selva, the information would make the Bank “look bad.”
Selva also urged Martin to falsely tell the regulators that Citi had achieved particular goals when, in fact, it had not. The more Martin pushed back against this unlawful activity, the worse things got. Ultimately, the Bank fired Martin in retaliation for her protected complaints....
Context from Wall Street on Parade:
....If the Kathleen Martin lawsuit has a familiar ring to it, that’s because something quite similar happened in the same courthouse in 2021.
A former compliance attorney at JPMorgan Chase, Shaquala Williams, alleged in a lawsuit that she was fired in retaliation for reporting wrongdoing at the bank.
That case was also related to alleged attempts to make regulators think the bank was complying with regulatory orders when it was all a sham.
Williams charged in her lawsuit that JPMorgan Chase was keeping two sets of books and effectively making a monkey out of the U.S. Department of Justice by brazenly flouting the non-prosecution agreement it had signed with the Justice Department in a previous case.
In 2016 the Justice Department had charged that JPMorgan’s Asia subsidiary engaged in quid pro quo agreements with Chinese officials to obtain investment-banking business and had falsified internal documents to cover up the activities.
The quid pro quo agreements involved the bank putting the children of high-ranking Chinese government officials on its payroll in order to enhance its business interests in China. In exchange for avoiding prosecution by receiving a non-prosecution agreement, the Justice Department required the bank to put in place compliance controls around third-party payments.
Williams alleges, among other serious charges, that the so-called third-party payment controls were a sham and that when she blew the whistle to her superiors at the bank, JPMorgan Chase retaliated against her by firing her in October 2019...."
The lawsuit:
https://wallstreetonparade.com/wp-content/uploads/2024/06/Kathleen-Martin-v-Citibank.pdf
Wall Street on Parade:
https://wallstreetonparade.com/2024/06/a-former-exec-at-citibank-raises-alarm-bells-in-federal-court-over-failed-risk-controls-inside-the-bank/
if Buffett sells ~50M more shares he will go below the 10% ownership threshold of $BAC. At that point he will no longer be required to file promptly disclosures anymore.
In other words, once he goes below 10% he will be able to dump $BAC shares at a faster pace but we will only know the information with a big delay into the next 13-F filing!
Today's "Quad Witch" OpEx $4.5 trillion in options and derivatives and futures are set to mature according to Goldman, making it the largest September expiry of all time. The options expiry coincides with the rebalancing of benchmark indexes. The event has a reputation for causing sudden price moves as contracts disappear and traders roll over their existing positions or start new ones"
https://www.zerohedge.com/markets/futures-fall-fed-frenzy-fades-and-traders-brace-45-trillion-quad-witch-opex
The BoJ now faces a dilemma: Do they protect the Yen with higher interest rates? Or protect the Japanese government bond market with lower rates.
They cannot do both.
https://www.zerohedge.com/markets/yen-carry-trade
The second part of that equation (FOMC + BOJ) should be revealed this evening. Then the chart has relevance. Historically, upon FOMC + BOJ policy collision, the USDJPY implodes shortly thereafter. That would reignite "forced" JPY carry trade unwinding.
Get OpEx out of the way this week, along w/ BOJ policy decision then watch what happens.
The market is in supernova mode ahead of the BOJ tonight. Market may or may not, churn for a few days. In any event, the market will fall off the cliff soon. The Fed really set things up in a big way this time. Get the popcorn out and watch the fireworks.
All my opinion of course.
Buy VIX Calls - Goldman Sees Rise In Risk Ahead
https://www.zerohedge.com/markets/buy-vix-calls-goldman-sees-rise-risk-ahead
Algorithms running wild prior to trading session open...it's going to be interesting to watch derivatives bid meet real selling...
BOJ will cave to market and political pressure. It's their turn this evening...BOJ policy has been exact opposite of FED policy.
Mainstream media is onto Nvidia's round tripping cash finally... 6 months late.
— Financelot (@FinanceLancelot) February 16, 2024
They've been boosting their sales by providing liquidity to shell corporations, similar to vendor financing during the Dot-Com bubble.pic.twitter.com/AhmbNJvJU3 https://t.co/l4NefeNtc2
I think you're right. I'm not trading anything this week. Acquired some Oct puts on NVDA and META and that's it for now...
Next week is an important week to watch:
The FED announces its interest rate decision Wednesday.
Japan announces on Friday.
And $SMCI missed the grace period for its 10k - so keep an eye on that and $NVDA.
Reuters:
"Investors were also looking to the Bank of Japan's interest rate decision next Friday, when it is expected to keep its short-term policy rate target steady at 0.25%.
BOJ board member Naoki Tamura said on Thursday the central bank must raise rates to at least 1% as soon as the second half of the next fiscal year, but added that it would likely do so slowly and in several stages.
"The BOJ is perceived to be going in the different direction than the Fed - in 180-degree opposite direction," Velis said, adding that whether and when the BOJ raises rates remains an open question..."
http://Forex.com
"The Japanese Yen has rallied a staggering 13% against the US Dollar over the past three-months with USD/JPY plunging to a fresh yearly low on Friday.
The decline takes price into a major technical support zone and the focus is on possible inflection off this mark heading into next week’s highly anticipated Fed rate decision.
Battle lines are drawn on the USD/JPY weekly & daily technical charts.."