One of the truer sayings in the world of trading is, “If something goes down when it’s supposed to go up, sell it.” With that in mind, I present to you Nvidia this morning:
It bears repeating that Nvidia produced BLOWOUT numbers for its quarter, and by any rights, NVDA should be at record highs right now and leaving bears gasping and begging for mercy.
Instead:
- The stock is 13% below its lifetime high that was set MONTHS ago;
- NVDA is singlehandedly dragging down the entire market;
- The screams of those who dumped their puts or held their calls early this morning can be heard all around the planet
Yesterday, just for the hell of it, I pretended what I would do if I wanted to take a gamble on NVDA, so I punched in a fake order for $200 NVDA puts expiring this Friday. They DOUBLED overnight so, yeah, I would have never made that trade, but it just goes to show ya.
