This story starts at $4,373… Gold has had quite the run this year. But this week, it was the pullback that caught traders’ attention. After rallying from $4,048.70 in July to $4,755 in August, gold futures started giving some of it back. And apparently, half was enough. Gold fell to $4,369.70 before buyers stepped in. The level traders were watching? $4,373.30 — the 50% retracement of that July-to-August rally. Which got us wondering: Why does halfway matter so much to traders? Especially when gold has now turned there twice. So, we took a look.⇩ SPONSOR BREAK presented by DealMaker* An...

Out With The Old. Stanley Druckenmiller has never been particularly sentimental about stocks. His latest 13F is a pretty good reminder. The legendary investor spent Q2 reshuffling his portfolio — opening dozens of new positions, walking away from nearly two dozen others, and making some surprisingly big changes along the way. For someone who averaged roughly 30% a year over three decades without a losing year, it’s a lot of changing his mind in three months. And buried inside all that buying and selling is a pretty interesting picture of where Druckenmiller sees opportunity now. So, we went...

Heads Burry Wins. Tails? Michael Burry is short Nvidia. But days before earnings, he did something that seems to point in the exact opposite direction. He bought Nvidia calls. Then he made things even more confusing by describing the stock as “wildly undervalued.” Which got us wondering: How can you think Nvidia is undervalued, bet on it going up — and still be short the stock? The obvious answer would be that Burry changed his mind. He didn’t. In fact, the calls only make sense because of the much bigger bet sitting on the other side. And Burry himself described what came next as essentially...

$100B Quarter… → Nvidia beat revenue estimates. → Beat profit estimates. And could be heading for its first $100 billion quarter. Great news for Nvidia. But apparently, also for everyone else. Nvidia now sits in the middle of an AI spending chain that stretches from memory chips and data centers to electricity, cloud computing and Big Tech’s enormous capex budgets. Which got us wondering: How did one company’s quarter become everyone else’s business? Here’s where Nvidia got so important.⇩ SPONSOR BREAK presented by DealMaker* Ends Tonight: The ‘Nvidia of Energy’ Has a $2.1T Opportunity Nvidia’s...