Good heavens, what a day! Greetings from An Undisclosed Location (although I’ll allow that I am bunking with Dick Cheney). Going through a trading day with no WiFi is, for me, akin to having my oxygen cut off. It was a harrowing experience, but I’ve made it through to the other side, with my guilt raging about my lack of content. I have a starving family to feed, so this will be relatively brief, but you know me well enough after more than 18 years to trust that I’ll make up for it.
The monster news, of course, is Nvidia, which I thank God I have no position in. Indeed, I was TOYING with the idea of buying some Friday QQQ puts today, just on the off chance NVDA tumble. Mercifully, with all my computer and network woes, I couldn’t muster it, so I dodged a bullet there. Overall, my portfolio slipped down 4% today, so I’ll live on to fight the good fight.
The NASDAQ Composite has fought back strongly the past few days, and the chart does not, of course, include NVDA’s huge pop, since that too place after hours. I daresay Thursday may well mark the exhaustion point for this bounce, unless Powell says God-knows-what on Friday morning. I am ready to push fully back into positions again tomorrow.
The Dow Industrials remains, even after today, below the broken horizontal.
Weirdly, stocks that have almost nothing to do with AI-related microprocessors (like Netflix, Tesla, and Meta) rallied on the NVDA news after hours. Below we can see that META has bounced hard since the Thursday low, but as with just about everything else, it is contending with a lot of overhead supply.
The one huge stinker for me is Splunk which, shame on me, I didn’t even notice was reporting after the close. In point of fact, the percentage change for SPLK is much greater than NVDA, and I’ve got puts on this sucker! So I think I’m going to say bye-bye to this loser in the morning.
Anyway, I’m going to get settled into my new digs. Thanks for putting up with the “Tim outage” most of today.
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