It’s here. Nvidia day. You’d think Jesus himself was coming back, considering how much importance is being ascribed to the quarterly earnings announcement of what a few years ago was just an obscure maker of graphics cards for serious gamers. Ever since the /ES blasted to lifetime highs last Wednesday, we have been absolutely parked at these levels, since there’s nothing to drive this market (not even the surprising death of a major world leader from a belligerent country).
The bonds, as the saying goes, are not buying it. The entire premise of this sky-high market is that Powell is absolutely dying to cut rates left, right, and sideways, but bonds just keep slip-sliding away, in utterly defiance of that belief.
The majority of my X followers believe NVDA will blast higher. Looking at this chart from as objective a point of view as I can, I’m inclined to agree. The charts “wants” to jump into the quadruple digits. Of course, no one would be more delighted than me if the thing got blasted, but seriously, I fully expected this thing to enter even-more-nosebleed-ish territory after the news comes out.
Good luck out there!
