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I’m surprised more people aren’t discussing the Nasdaq changes coming in December.
Starting December 6, Nasdaq is adding a new Night Session from 9 p.m. to 4 a.m. ET, effectively creating 23-hour trading five days a week. Yes, Robinhood and other brokers already offer overnight trading through ATSs, but this is different. Nasdaq itself is extending its exchange infrastructure and order book into those hours.
I think the bigger story isn’t simply “now you can trade NVDA at 2 a.m.” It’s what this could do to the way prices move if enough institutional liquidity develops overnight.
Right now, the market still has a major overnight dead zone. News can drop after the close, a stock can move violently in thinner trading, and then all of that pent-up buying, selling, short covering, panic and FOMO collides with massive liquidity at the opening bell.
With 23-hour Nasdaq trading, algorithms, funds and institutions potentially get almost the entire day to react, hedge, rebalance and unwind positions.
Think about NVDA. Instead of:
$180 close → major news → $195 gap → chaos at 9:30
you could increasingly see:
$180 → $184 → $187 → $190 → pullback → $193 → $195
Same overall repricing, but spread across hours instead of compressed into one violent move.
If that happens, I think some of the biggest effects could be:
• Less extreme opening-bell volatility
• Less panic selling and FOMO buying at 9:30
• Fewer overnight gap-and-go opportunities for day traders
• Fewer short squeezes caused specifically by shorts being trapped overnight
• More time for large funds to unwind or hedge positions
before they become forced trades
• More continuous algorithmic price discovery
• Potentially tighter overnight spreads if enough liquidity moves onto the exchange
That last part is what I find most interesting.
Large funds essentially get an escape hatch that stays open almost all day. If a fund is massively short and bullish news hits at midnight, it doesn’t necessarily have to wait until the next major liquidity window while pressure builds. Its algorithms can potentially start covering immediately and distribute that buying across several hours.
Same thing if a fund is heavily long and bad news hits.
That could make the market harder to squeeze and harder to catch badly positioned institutions completely trapped.
It could also hurt certain types of discretionary day traders. A lot of opening momentum, gap trading, opening-range breakouts and squeeze setups exist because so much information and order flow gets compressed into a few extremely active periods. If price discovery becomes more continuous, some of those explosive moves could become slower, more orderly moves instead.
The close is probably different because the official closing price still matters enormously for indexes, funds, benchmarks and portfolio valuation. But psychologically, even “the close” starts meaning something different when everyone knows trading resumes an hour later and continues through most of the night.
There is also a potential darker side. A nearly always-open market means someone who illegally obtains material nonpublic information has more opportunity to act on it immediately instead of being blocked by the exchange being closed. Insider trading is obviously still illegal, and Nasdaq will have overnight surveillance, but the trading window itself is much larger.
To me, this feels like another step away from a market built around distinct sessions and toward one continuous algorithmic price-discovery system.
The underlying supply and demand is still real. Algorithms don’t get to decide NVDA is worth $180 if buyers are willing to pay $200.
But the machines increasingly control how that supply and demand gets expressed, how quickly imbalances get arbitraged away, how institutions manage risk, and how price travels from $180 to $200.
I think that could end up being a much bigger change than people realize.
Curious what everyone here thinks, especially anyone who trades NVDA intraday. Do you think 23-hour exchange trading makes the market more efficient, or just gives institutions even more ability to avoid getting trapped?

Stock Pulse flagged XPON at 8:46 ET around $6.95. It reached $9.99 at 9:09, roughly 44% above the alert in 23 minutes. About 838,000 shares traded in the peak minute, so the high wasn't a stray print.
The catalyst was a complete pivot. Expion360 renamed itself Expion Energy and acquired an oil-and-gas exploration prospect covering about 3,000 net acres in eastern Louisiana. It plans to test a new lateral well by February 2027.
The release mentions AI data centers and LNG exports, but I couldn't find a supply contract or producing well. This is still exploration.
The financing matters too: $9 million of 8% convertible debt plus warrants for 2.12 million shares at $4.25, versus an estimated float of about 933,000 shares. Investors also received rights to make up to $91 million of additional investments, subject to shareholder approval.
Acquisition: [https://www.sec.gov/Archives/edgar/data/1894954/000190359626000317/ex99\_1.htm](https://www.sec.gov/Archives/edgar/data/1894954/000190359626000317/ex99_1.htm)
Financing: [https://www.sec.gov/Archives/edgar/data/1894954/000190359626000317/ex99\_2.htm](https://www.sec.gov/Archives/edgar/data/1894954/000190359626000317/ex99_2.htm)
Good alert, but was the market buying an actual gas asset or just the pivot narrative?

📊 Key U.S. Economic Data (ET)
10:00 AM | CB Consumer Confidence | Forecast: 90.3 | Previous: 90.8
⚠️ For informational purposes only. Not financial advice.
📌 #ConsumerConfidence

Please tell me there's an ET for atari easter egg

Tomorrow is the first time QumulusAI has to sit down in public and explain the quarter.
Quick catalyst update to yesterday's GPU-landlord DD.
The company reports Q2 results after the close on Tuesday, August 25, followed by its \[first public earnings call at 5 p.m. ET\](https://www.qumulusai.com/articles/qumulusai-to-report-second-quarter-2026-financial-results-on-august-25-2026).
QMLS traded at $5.89 after hours on Monday. Using the 32.87 million basic shares in the \[final prospectus\](https://www.sec.gov/Archives/edgar/data/2084026/000143774926023622/quma20260714\_424b4.htm), the entire company is valued near $193.6 million.
QumulusAI has announced more than $246 million in multi-year customer agreements since June.
That gap is why tomorrow matters.
\## Keep the calendar straight
Q2 ended June 30. The $18 million take-or-pay agreement, the $32 million B300 agreement, the $71.9 million agreement, the 1,632-GPU B300 purchase, the DRW deal, and the new Atlanta capacity agreement all came later.
The $246 million will not teleport into tomorrow's revenue line. Anyone expecting that should give the spreadsheet back to its legal guardian.
What Q2 can show is whether the original business was already accelerating before the July news started flying. Q1 revenue was $3.42 million, gross profit was $1.28 million, and operating loss was $5.53 million. That is the starting line.
\## The number I care about is six
On August 6, management said it was \[delivering six customer deployments\](https://www.qumulusai.com/articles/qumulusai-to-participate-in-needham-virtual-ai-infrastructure-1x1-conference), with several close to completion and the rest expected to finish this quarter.
Tomorrow I want names where they can give them, GPU counts, energized megawatts, go-live dates, and the amount of revenue those deployments can produce. Contracts are nice. Powered racks sending invoices are nicer.
QumulusAI announced \[$124.4 million of three-year agreements\](https://www.qumulusai.com/articles/qumulusal-signs-more-than-124-million-in-ai-inference-infrastructure-agreements) before Q2 closed, including nearly $21.9 million in upfront customer commitments. If management can connect that cash and contracted demand to actual deployment progress, the bear argument gets much harder.
Right now the market appears to value every press release at roughly zero until a server starts humming. Fair enough. Tomorrow is management's chance to introduce the market to electricity.
\## The post-quarter setup got stronger
Since June, QumulusAI has announced more than $246 million across four two- and three-year agreement blocks. Simple division by the stated terms produces more than $90 million a year of potential contract value before accounting for deployment timing, revenue recognition, margins, financing, or customer performance.
The company then added \[DRW as a B300 customer\](https://www.qumulusai.com/articles/qumulusai-signs-gpu-as-a-service-agreement-with-drw-for-nvidia-blackwell-b300-capacity-annually-renewable-up-to-four-years), signed an \[agentic hedge fund\](https://www.qumulusai.com/articles/qumulusai-signs-agreement-with-agentic-hedge-fund-to-provide-nvidia-blackwell-gpu-capacity) at market-rate compute pricing plus a share of trading profits, and secured \[3.75 MW of Atlanta capacity\](https://www.qumulusai.com/articles/qumulusai-anchors-metro-atlanta-data-center-site-with-a-contracted-375-mw-and-a-path-to-1075-mw) that could support up to 2,048 B300-class GPUs once the site is delivered. The DRW and hedge-fund agreement values were not disclosed, and the Atlanta delivery remains conditional.
That is demand, hardware, power, and deployment all moving in the same direction. The income statement now has to catch up.
\## The $300 million question
Management guided to \[$300 million of forward ARR and 18 MW of capacity by December 31\](https://www.qumulusai.com/articles/qumulusai-issues-fiscal-year-2026-guidance-300-million-in-forward-arr-backed-by-18-mw-of-capacity).
At a $193.6 million basic market cap, the stock trades at roughly 0.65 times that target.
Adult supervision remains required. QumulusAI's forward-ARR definition includes executed contract revenue, expected renewals, deposit-backed reservations, and projected contract signings. The definition reaches far beyond GAAP revenue.
Tomorrow I want the bridge. How much is executed? How much is deposit-backed? How much is still projected? How much capacity is active today? What portion should begin generating revenue during Q3 and Q4?
A clean bridge could change how the market values the whole story.
At $193.6 million, perfection is nowhere in the quote. QMLS only needs to prove that a meaningful slice of the announced demand now has a power cord. A clean deployment update would give the market a reason to stop treating this company like a PowerPoint with a utility bill.
That is why I am bullish into the call.
\## The bear case gets the microphone too
The company entered Q2 with $16.1 million of cash, $102.4 million of liabilities, material weaknesses in financial controls, major capital requirements, and heavy RunPod concentration. The direct listing raised no fresh primary capital. The Blackwell buildout relies on leases, convertible notes, customer deposits, and equipment financing.
If revenue stays flat, deployments slip, guidance gets slippery, or management avoids the financing question, the bears win this round.
If revenue is moving, margins hold, the six deployments are real, and management can explain how funded hardware becomes billed capacity, $5.89 starts looking like the market read the first page and went home.
That is the setup. Tomorrow QMLS opens the books. I am watching for racks, revenue, and receipts.
High-risk small-cap thesis. Verify the filings and size your own risk.

Qqqi, SPYI, NLY, ET, MO

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Holding these HESM, ET, EPD and VZ for sometime plus ABBV and WMB. All firing on all cylinders including DRIP. Also, have CVX and XOM

HESM, ET, EPD, MPLX, NOG, PEO, EMO, AMLP, PBR, PFE, ARCC, MAIN, CCAP, DOW, LYB, BMY, CAG, KHC, PEP, HRL, SUNB, ZTS, BX, DOC, EWZ, HR, VICI, AMCR, VZ, T, CMCSA,

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1 p.m. ET

Nasdaq is planning to introduce 23-hour trading, with an additional overnight session from 9:00 PM to 4:00 AM ET, starting December 6, 2026.
What do you guys think about this change? Do you see it as a positive or negative for the market?

Day 1, Week 17. Green. It is not a challenge, doing normal trades as all of you 🙂
IWM trying its best to see back 300. With third friday and FOMC just gone, options prices are cheap today. I took my $14 per contract and done.
Woke up, was feeling a bit crap, told work I am not coming, work can wait 😬 I don't take too many holidays these days.
Afternoon, one of the few people who is still present after my partner passed away told me to come over and do BBQ to feel a bit better. Drove an hour, started the bbq, market opened (14.30 in UK) and we traded each on our corner. I took my profit instead of trying to be greedy.
As I write this at 10.01 ET, I am done for today.
I never use Risk Reward (RR) ratio, it works for some people, but this maths does not work me to grow a small account.
I don't like fancy options strategy like iron condor, selling etc. Using simple EMAs, VWAP etc to see the trends and levels.
One and done: 20 contracts = $280 total profit.
Total options cost = $760
37 % profit
Time in Trade : 3 min. A morning glory trade 🤤
Life is short. One trade a day is more than enough to grow an account. Be lazy. If you have one choice, one trade, you would think twice before entering instead of trying to fix psychology.
You have seen even with $10 per contract per day, it makes a huge difference with time. Don't be greedy every time.
Started with $300, just 3 contracts, 17 weeks ago, and growing it to $60,000 with 1 trade a day in 6 months target.
My trading plan and strategy is trading one trade a day, 2-5 times a week depending on availability.
If you are learning by yourself, give it 2-3 months to see how you are progressing.
If you believe I am lucky every day with the trades and posts 🤷🏻‍♂️ so be it. I believe I have no choice, I put in the effort and keep doing, any loss is my loss as it is me executing my own trades and money.
I only day trade options on ETFs like SPY, QQQ, IWM etc. Timestamp on the broker is UK time. So, entry time of 2.50 is 9.50 ET.
I trade on my phone, screenshot is from TastyTrade. EMA 200 and VWAP on the screenshot for TradingView

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"JUST IN: Treasury Secretary Bessent to unveil details of the U.S. “Economic D-Day” against Iran at 1 PM ET."

Looks like PMI made a small break at 9:29 Am ET

2 pm ET

Hey everyone, I’m travelling this week, so the posting schedule might be off by an hour or two.
Let's get to it. A considerable amount of short options positioning cleared with OPEX last week but as those contracts expired, some of the stabilising market maker exposure rolled off with them as well .
That reduction in MM positioning now gives both the index and individual stocks a bit more freedom to move which is v important to know as we are heading into a week with a couple of large catalysts.
This is the current implied volatility of the VIX and as you can see the NVDA earnings and Jackson Hole have will likely move the markets quite a bit. Do note that high IV does not mean the market will fall or rise, it means that the market is expecting large swings in either direction
https://preview.redd.it/ldu0xpd7dblh1.png?width=1080&format=png&auto=webp&s=cc4b5da5a5c51ae212185dcbefc79b6bb50e66d1
NVDA earnings has the potential to move the markets as much as Jackson hole and can v quickly become an index level event if they disappoint and take down the AI trade with them.
If this proves to be the case I do expect Jackson Hole to stabilise the market or start a squeeze higher bc Jackson Hole could actually be a good opportunity for the Fed to clear up some of the uncertainty around its communication approach, which has been contributing to higher volatility across the US rates curve and also ties with my thesis that Treasury and the Fed are replicating the Yellen regime.
This is Goldman data and you can see the effect has been particularly pronounced at the front end.
https://preview.redd.it/76d948b8dblh1.png?width=1080&format=png&auto=webp&s=4a7469eeb95f34b2d3d76466387175d442aac7d2
The shift in the Fed’s communication approach has made the path of policy less predictable.
Thats important because higher uncertainty around the policy path normally translates into a higher term premium, so part of the recent increase in term premium, and by extension the push in long-end yields to new highs, can be traced back to the way the Fed has been communicating.
If we instead get a clearer framework for how the Fed intends to react to incoming data, some of that premium can start coming out.
We will have to be especially nimble though as if there’s a move lower of about 3.5% in the SPY and 5% or more in the Qs systematic funds will start to sell and estimates are for about 115B
https://preview.redd.it/mgvzao51eblh1.png?width=1399&format=png&auto=webp&s=820fbf622b9838894b8e89627d5d0d4f2e173f10
An interesting thing I was tracking on Friday is that breadth was also surprisingly strong as we saw just 6 stocks making new lows, which is the fewest since April. The last time the number was lower was during the early stages of what eventually became a pretty aggressive two-month rally.
https://preview.redd.it/xrw31gn9dblh1.png?width=1080&format=png&auto=webp&s=c7ce011fc533e76269b970fa32b02e19f5c59e7c
Toda’s other event is the Treasury Secretary speaking at 2:00pm ET when he will talk about tougher US economic measures against Iran’s trading partners, but I’ll also be listening for any additional guidance around the Treasury’s intervention plans.
By the look of things, the market isn’t expecting much on that front right now judging by the VVIX (VIX of the VIX)
A couple of words on gold
Gold has now hit the $4,700 level I set at the start of the month and I think another push towards $5,000 could come fairly quickly if the current momentum continues.
A lot more people are piling into the trade and options demand is increasing quite aggressively. As dealers hedge that exposure, it can add fuel to the move and increase its magnitude.
Just keep in mind that this mechanic works both ways.
If rate-hike probabilities start picking up again and gold sells off aggressively, those same hedging flows can start working against the bulls and accelerate the move lower instead.
With this being said, positioning on the GLD etf is building on $450 which is likely the next target if ther eare no macro surprises.
https://preview.redd.it/vpcbffjcdblh1.png?width=993&format=png&auto=webp&s=740d4578991229c53999cf0965f2743a108a32c4
On to the SPY - I remain cautious here as mentioned previously I’ve closed the longs and will likely be sitting on my hands as we trade near the 765 level which, if broken will likely start a sharp move lower as market makers hedge in the current negative volatility regime.
As we’ve already seen a couple of bounce of this level, for now, the first level I am willing to play a bounce from is $750 or a move above the $771 level.
https://preview.redd.it/soug2d7ddblh1.png?width=996&format=png&auto=webp&s=5deea1bb0d3e5587de9148c0ef450a7436877d89
For the Qs are looking for a move towards $700 and market makers will hedge with price action all the way down if it starts going lower.
https://preview.redd.it/asv1r91edblh1.png?width=937&format=png&auto=webp&s=8a6bf926419abacd3d8514587199299f47d16da7