I was watching, just like everyone else on the planet, at the moment NVDA earnings came out, and the stock immediately moved down. As I’m typing this, it’s nothing dramatic – – it’s only off about four bucks. B.F.D., right? Well, listen, in this market, it’s red, and I’ll gladly take any shade of red.
Of course, the permabulls – – like the four hoary dinks pictured below on the left side of the screen – – were shocked that the stock wasn’t up $20 instantly, and two seconds after the stock started plunging, they starting chattering about “It’s not that bad, bro” and “It can still go up, bro.”
Bro THIS, fellas.
As I said endlessly, I have NO position in NVDA, but this is just the kind of surprise that can start to plant the seeds of doubt into the tiny, tiny minds of our bullish friends. As I’m typing this, the conference call is going on, and NVDA might well be green by the open tomorrow. Anything is possible. Let’s just agree I’m glad it’s not exploding to lifetime highs.
The NASDAQ was expecting a boost, and it even briefly pushed above last Friday’s peak (red horizontal line), but it’s plainly given up that level.
Although I’m not short NVDA, I am indeed short AMD, and it is falling in sympathy. Yay.
Also, I didn’t even realize CRWD was reporting, but Crowdstrike – – another one of my 18 short positions – – is in a free fall. I say again: yay.
I had touched on Nvidia’s important in my show yesterday afternoon. I’m surprised and delighted at what’s happening before our eyes.
