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Since Jensen Huang hasn’t yet announced to the world that demands are strong for their chips (which, duh, of course, they are, since every funded AI company on the planet has no choice but to buy Nvidia chips), NVDA is backing off from its unhinged rally from Wednesday.
Welcome to the big week, everyone! Yes, it’s the week when, for the first time in four years, the overlords at the Federal Reserve will deign to grant the public an interest rate cut of an either meaningless 25 basis points or an equally as meaningless 50 basis points. This will be the start of a long series of cuts which, over the course of time, the public will eventually realize are a desperate bid to cure a failing economy as opposed to some kind of gift from the mendacious and self-serving Jerome Powell.
Of all the big events that we face on a regular basis, such as jobs reports and CPI reports, I find the FOMC Day to be the most annoying of them all, because the market is locked in a state of suspended animation for 2.5 days until it happens mid-Wednesday, and then all holy hell breaks loose, both up and down, after Powell issues his release and, much worse, yammers on at the podium.
Typically, the market rallies as Powell is doing his little dance, invariably doing a swan dive the next day once the booze wears off. It’s always a tremendous relief when one of these eight scheduled FOMC performances is totally done.
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