Although the /ES is (quite annoyingly) still up as I’m writing this, I’m delighted that the Nvidia “event” is behind us. The fact of the matter is that NVDA produced absolutely KNOCK-OUT fundamentals, and yet it’s still down! This just shows how much optimism is already baked into the cake. If absolutely stunning sales and earnings can’t budge the stock anymore, then this sucker has peaked. The string is through being pushed.
To be clear, I had no position in NVDA, but I definitely had a vested interest in its results. I’ve got puts in AMD, which is absolutely squeaky-clean with respect to its reversal pattern (tinted) and trendline failure.
I also continue to hold puts in Arm Holdings, whose head and shoulders pattern is nearly perfect. Today’s high price did push a little higher than ideal, but it’ll do as a neckline.
The sector fund for semiconductors, symbol SMH, is a thing of magnificent beauty. The gap-close is perfect. The trendline failure is perfect. I am utterly exhilarated about what’s coming up in the next few trading sessions.
