Happy Nvidia Eve, everyone. So, what’s going to lift the market today? A pledge not to nuke the moon? After all, yesterday afternoon, a sudden promise to not bomb Iran on this particular Taco Tuesday was all it took to flip the entire market green.
Not to worry. I’m sure everything will be fixed in two weeks. Two. Weeks.
The /ES is actually hammering out what has a chance of being a decent reversal pattern.
The /NQ is even more clear, but of course that’s partly up to Nvidia on Wednesday evening. The circle-jerk AI economy all has its hands on NVDA’s junk, so sales and profits will be eye-popping, but it’s the reaction to the numbers that’ll count the most. Plus, as Elon demonstrated to us all yesterday, just because you seem impotent doesn’t necessarily mean you’ll win every time.
My core position (long TLT puts) is hanging in there nicely, as bonds continue to erode slowly and relatively surely day by day.
Broadly speaking, the recent diminishment of “risk on” sentiment is neatly expressed by Ethereum, whose recovery has already sputtered. I have every confidence that this entire crypto farce will ultimately erode into one of the biggest financial wipeouts in recorded higher. It just takes time.
I’m coming into the day pretty heavy at a 200% commitment level. Good luck out there!
