Weekend Market Report
Welcome to an early edition of the Weekend Market Report (WMR). I’m up in the heading to San Francisco for the Snowflake Summit early Sunday so I have to get this post out before I wake up late for the airport. In this weekend’s market report, I share my gold and silver price forecasts, a new stock I bought, some interesting links, and how a stock I bought last year is performing.
Analog Zettelkasten Thoughts
YouTube video of a history professor talking about how he uses Obsidian but is considering using the old analog method of writing notes after being inspired by Scott P. Scheper’s videos on analog Zettelkasten.
Machine Learning in Excel
I wrote an article about Microsoft integrating Python in Excel. I love the idea and I think it’s going finally to get machine learning into the hands of Excel users.
Check out this tutorial on how to use SciKit-Learn in Excel from Anaconda.
The new Python in Excel integration by Microsoft and Anaconda grants access to the entire Python ecosystem for data science and machine learning. Thanks to its direct connection to Anaconda Distribution, we can leverage built-in functionality with packages like NumPy, pandas, Seaborn, and scikit-learn directly within our Excel workbooks.
McDonalds Prices in 1974
These prices seem unreal but that’s what 50 years of inflation will do to you. The flagship 1/4 Pounder with cheese was only 70 cents in 1974! Today you’re paying roughly 7 times for the same burger.
General Market Commentary
What a crazy week in the markets, but does that surprise anyone? A shortened trading week because of the Memorial Day holiday started with broad based sell off that continued till Friday. Markets turned higher from their weekly lows and rallied. Where they go from here remains a mystery but expect it to be a wild summer.
Historically the summer months have been quiet but something tells me that won’t be the case this year, thanks to the tech stocks; one in particular. NVDA propped up the entire technology market for most of the week until easing back on the last two days. Everyone was trying to push up the stock price before the 10:1 split on June 4th so they could take profits. Either way, NVDA will probably ease back in price after the split (or not, who knows).
Gold and Silver Price Forecasts 1 Week Ahead
Gold and Silver had amazing runs lately but are they running out of steam? I believe they’re taking a breather and consolidating around these levels. I’m not smart enough to guess if the recent run-up is because inflation is sticky or something else. Price forecasts with swing high and low prices are below the subscriber fold (sign in to read more).
Silver Prices Forecast
Silver prices closed at $30.29 this week, down from $30.33 the week before. That’s a small drop of -0.13%.
The mean price prediction for silver next week is a slightly higher close to $30.32 with a swing high price of $32.41 and a swing low price of $28.24.
Gold Prices Forecast
Gold prices closed at $2,322.89 this week, down from $2,332.50 the week before. That’s a small drop of -0.41%.
The mean price prediction for silver next week is a slightly higher close to $2,333.49 with a swing high price of $2,419.86 and a swing low price of $2,247,12.
Going Long on Snowflake
If NVDA is the GPU hardware darling for AI then Snowflake (SNOW) is shaping up to be a pay-as-you-go AI analytics platform. Granted, there’s C3.AI and Palantir in this space, but Snowflake has something special: SQL database-driven workflows.
The stock has been in the dumps a bit but it’s worth checking out and taking a small position. Not every technology company can have a meteoric rise like Nvidia (NVDA).
Seasonally speaking, it should be ramping up over the May to October period. Not normally a company I would buy but they are attracting a lot of talent and several of my colleagues have moved there. I took a small long position in it this week which promptly turned into a loss.
Additionally, this stock is not making all-time highs and it doesn’t fit my trend trading strategy and methodologies. This trade is an exception to my rules because I believe it to be an undervalued stock because they’re making moves behind the scenes. Only time will tell if they’re going to pull it off or not.
Where Are They Now?
Premium members have access to my a list of my stock, ETF, and mutual fund holdings. One of my positions is Motorola Solutions (MSI), which I bought in 2023 for a long term investment. It’s up +17% for the year and trending nicely.
As always, my trading and investment strategy leans toward the long term using trend trading as the main methodology. It is in very rare exceptions that I don’t follow that rule
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