New NASDAQ Record Close -- February 29, 2024

Locator: 46627B.

NASDAQ: will close at new record high. Closed at 16,108. Well above the previous record high. This is not trivial. NASDAQ was up 144 points today.

Dow: negative almost all day, but also closed in the green. S&P was up 28 points at the close.

S&P: also a new record close. Hope folks are happy with their MMFs. I just got back from monthly luncheon "discussion" with Schwab. Topic for today: bonds. Presenter: advisor from wholly-owned subsidiary of Schwab, Wasmer Schroeder.  S&P up 28 points; in the old days, the 10:1 ratio would mean a 280 point gain for the Dow. Reminder that Fed rates: they take the escalator when raising rates; they often take the elevator down when lowering rates.

HP Enterprise: says today it does not have enough -- or, there are not enough -- Nvidia blades for what they want to do to meet their strategic goals. Amazing, a company like HP Enterprise would say that. HP beat estimates, but that statement regarding Nvidia has analysts concerned. Remember, META bought "truckloads" of Nvidia blades last year in preparation, and there was another investor -- I forget the name now -- who bought a lot of Nvidia blades not for their own company, but to rent out to others, anticipating a shortage. HP Enterprise down 6% after hours.

Dell: had the opposite story. Had enough Nvidia blades. That's what they said. Up significantly after hours. "Buzz": it was all about having enough Nvidia blades. I have no idea. Just posting what I hear. Dell soared in after-market trading.  Now up almost 20% after hours.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

Reminder: I am inappropriately exuberant about the US economy and the US market. 

Value: both HP and Dell are "cheap" based on PEs.

Industrial sector: that was supposed to be the story all day on CNBC today; hitting a new high in that sector, and CAT did hit a new high -- all of this needs to be fact-checked -- typing on the fly as reported by CNBC -- but with the reports coming from tech companies, all of a sudden CNBC has pivoted from industrial sector to tech sector.

CAT: well, that was accurate -- a new 52-week high.

Cloud storage: I absolutely hate to pay for cloud storage but I do spend a little .... but I resist -- but I can't win .... I keep needing more cloud storage -- but in the big scheme of things, this represents absolutely "nothing," I can only imagine what big users are spending for cloud storage and those data centers are all going to need blades, Nvidia or otherwise.  Speaking of "otherwise" -- AMD.

AMD: also hit a new high today. Below is the close; it continues to move higher after hours.

Blades: the CNBC tech story is quickly turning into a story of "winners" / "losers" based on whether they were prepared for the fourth industrial revolution which was going to require a ton of Nvidia blades.

AAPL: continues to fall, though holding at $180. This has to be worrisome for Tim Cook, though a buying opportunity for others. 

There's only one more tech company to cover. Which one is that? AVGO:

CHRD: most important to me in the energy sector. 

Alabama, the state: legislature passed and governor will sign a bill to protect IVF providers. This whole issue and how Alabama Supreme Court dealt with it simply boggles the mind. Exactly in what century are Alabamians living? Link here.

Fast Money: already the narrative is starting to change. These folks are almost giddy -- starting with Dell and AMD. One "talking head" says it feels "frothy" and notes Dell has a P/E of 14. Say what? Frothy?

E-mail address: I wonder how many MAGA / Trump folks are giving on-line Fox News their e-mail addresses to read Fox stories? 

I've removed Fox News from my drop-down menu of bookmarks. I think it's hilarious. Majority of Fox followers are huge conspiracy theorists (needs to be fact-checked) and now they need to give Fox News their e-mail addresses to read their news. On top of that, Fox News seems to be obsessed by the TV game show Wheel of Fortune. Speaks volumes of the demographic that follows Fox News. Personally I don't get. Is Trump a secret backer of Wheel of Fortune.

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Back to the Bakken

WTI: $78.26.

Active rigs: 40.

Two new permits, #40556 and #40557:

• Operator: Grayson Mill; CLR
• Field: Round Prairie (Williams); East Fork (Williams)
• Comments:

Permit for #40556: note, 2880 acres but six sections. 

Normally, six sections (6 x 640) would be 3840 acres. It turns out that is a standup drilling unit, 2 x 3 with three of the sections along the Montana state line. So, the full three sections would be 1920 acres and the other three sections would total 960 acres or 320 acres along the Montana state border.

The smaller sections: sections 15, 22, and 27.

Two permits renewed:

• BR: two Boxer permits, Pershing oil field, McKenzie County.

Three producing wells (DUCs) reported as completed:

• 40022, 869, KODA Resources, Stout 1604-1BH, Divide County;
• 40023, 933, KODA Resources, Stout 1604-2BH, Divide County;
• 40043, 1,592, CLR, Quale Federal 5-1H2, McKenzie County;