Well, boo. This isn’t exactly the “Sell the News” event I was hoping for this morning.
![](https://slopeofhope.com/wp-content/uploads/2023/05/nqgap-640x465.png)
The chart above shows the /NQ futures gap higher on Sunday on the “Debt Ceiling” news, seal the gap as neat as you would a love letter, and then rocket higher based on the same tired on AI/NVDA obsession that’s been driving tech stocks for God knows how long now.
NVDA itself is, as of this composition, a trillion dollar company now. Who would have ever thought a niche graphics card maker for gamers would reach such heights?
![](https://slopeofhope.com/wp-content/uploads/2023/05/nvdaup-640x499.png)
One strong glimmer of hope for me remains crude oil, which is the ONLY quote that’s red right now. I’ve got a bunch of XOP puts as well as positions in DVN, HES, MRO, so weak oil does my heart good.
![](https://slopeofhope.com/wp-content/uploads/2023/05/crudedow-640x368.png)
I won’t totally give up on a “Sell the News” event unless the deal passes Congress and the market still keeps pushing higher.