Nvidia Day is here, everyone! In about seven hours, the fate of the financial world will be decided by a company which, until a few years ago, was an obscure maker of graphics cards for video gamers and is now the biggest company on the planet. At the opening bell, all the equity futures are down modestly, and the /NQ remains cleanly below its broken trendline.
I have no position in NVDA itself, but I do have puts in SMH, AMD, and ARM (the latter two below) which will obviously be strongly influenced by the results.
Precious metals seem to have brushed themselves of decently over the past week. Here is gold:
However, they’ve definitely got an uphill climb. I am still appalled at myself at only noticing the H&S top on gold on the night after I went long silver (see red arrow). This was a true “what were you THINKING?” moment. Clearly, this H&S top did its job.
I want to emphasize once more the importance of these NVDA earnings. We’ve already broken the trendline on the /NQ (in red), and I’ve drawn another even more conservative trendline in green. My view is that a tumble in NVDA would snap this green line as well.
Simply stated, I believe a good result from NVDA would produce a short-lived and relatively modest rally, whereas a bad result would yield a wipeout.
It’s all up to one man.
