Whereas yesterday was a total and complete blast, today was more of a “meh” trading day.
The big event this week, ostensibly, is the NVDA earnings after Wednesday’s close. Incredibly, for nearly nine months, the stock has gone practically nowhere. I guess it is just digesting its massive gains from before. Obviously, this is the kingpin of all stocks benefiting from the AI boom, so all eyes will be on this sucker twenty minutes after tomorrow’s close.
As for AI, there are winners and there are losers. Plenty of software companies have been getting firebombed, such as Monday and Workday. I noticed that Workday, even though it has already lost most of its market cap, is losing even more after hours since they just announced their own financial results.
I’m using the term “grind” quite a lot with respect to the market, because that aptly describes it. It has been at least four months since the market felt like it had any true direction. Short-term, the “ceiling” (red horizontal) on the /ES is pretty plain:
As is that for the /NQ:
I had my best day of 2026 yesterday, and today I gave up a portion of that progress. I remain broadly short, although I’ve taken some hits from a couple lately – – SGHC this morning, as well as AXON after hours today. I handled myself fairly decently during the trading day, however, and besides trimming risk somewhat, I re-entered (yet again) my one and only long position, Rivian.
For me, here’s where things stand:
- In my options account, I’ve got seven positions and am 74% committed. My decision to close my IWM puts yesterday was right on the mark.
- In one of my two big equity accounts, I’m 175% committed across 15 positions.
- In the second big equity account, I am more conservatively positioned with 79% committed across 11 positions.
- I sold my BITI position for a nice overnight profit. I think Bitcoin is in big trouble long term, but I’m just too jumpy about bids coming back in. Probably a screw-up on my part!
I don’t suppose any of the political ridiculousness tonight will make a meaningful difference in either direction for the market. We might not get any real impetus until after NVDA deigns to tell us how they’re doing. I hope you’re hanging in there!
