Andrew is back

Dear Traders,

This is Brian on behalf of Andrew.

We received a final report on Andrew’s Denali Expedition and the great news is that they are all safe and are on their way back.

Due to harsh weather conditions, Andrew’s team was in the mountains longer than all the other teams this year. On top of that, his team lead was injured very early on the hike and they had a few equipment malfunctions.

With all this, his team had a great spirit, and seems like Andrew had a good time! Below is the evidence!

On the market side, yesterday’s big news was Apple’s AI initiatives. We traded Apple at the open, and it continued to trend higher all day, closing at the high of the day for a 3% gain.

This morning, the market got some good news with the CPI numbers coming in slightly lower than expected. This boosted the probability of a rate cut in September to 63%.

Apple continued its run with another strong performance at the open, as did Nvidia, with both up 4.4% at the time of writing.

AAPL is up $380 billion in two days after WWDC, worth more than MSFT, and Elon is not happy.

Today, Citron Research, one of the most prominent GameStop short sellers, announced it is no longer short on GME stock. In an X post, Citron cited “the market’s irrationality” and “cult-like” shareholder behavior as reasons for closing its position.

This move recalls January 2021 when retail investors drove a massive short squeeze on GameStop, leading to significant losses for short-sellers like Citron. The market dynamics around GameStop continue to defy traditional analysis, illustrating the enduring influence of retail investors.

Lastly, Andrew has scheduled a few LinkedIn posts before his attempt to set a world record. Please follow him and leave him some comments.

Happy Trading,

Brian Pezim