Situational Awareness:
Market Condition: Weak/Choppy
Commentary:
I didn’t get excited by Friday’s bounce in the market and I’m not surprised by today’s open. You will see all the narratives that this drop this morning is due to the Anthropic CEO saying that AI development needs to slow down but in reality that’s just a repeated narrative. There are a broad range of negatives in the market right now and institutional money seems to be de-risking. More likely to due with inflation fears, rate hike potential etc.
Regardless of the reasons you are likely to see volatile behavior in the market. Dario says slow AI, Zuckerberg says it needs to be faster, Jensen says buy my chips. This is all just noise. Follow price. Market conditions are not conducive to catalysts however there is one today that in a normal market look strong.
Elmet Group Co (ELMT)
Industry Group: Aerospace & Defense, Market Cap: 657.62M, Float: 10.26, Short Interest: 13.16%, Days to Cover: 3.18, Earnings: 8/13/2026 8:30:00 AM, Exchange: NCM
ELMT announced a $450 million “committed” DoW investment — redeemable preferred equity, $200 million initial draw “at closing,” warrants for up to 19.9% of post-transaction common, one independent director and one non-voting observer — plus a DLA IDIQ with a $2 billion ceiling and a $150 million guaranteed funded minimum.
This is actually one that I have had on my Recent IPO watchlist. This is most certainly a game changing event for the company. Strong pre market price action, gapping into all time highs, IPO breakout, Low float, High Short interest. Whether or not it can withstand the weakness in the market I am unsure but most certainly the best candidate today.
Trade Updates:
Current Positions: DELL, OKTA, HTFL, NIQ, TEAM,
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Safe Trading!
Sean Sharpe