Since NVDA didn’t provide the kind of gasoline the bulls were praying for, markets slumped across the board on Thursday. The /NQ sank, and even with DELL up huge after hours, it continues to bleed.
Slump
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Zero Sum Game
Well, the market continues to do dick-all.
It seems that it is allergic to being interesting, since Monday was an absolute carnival and now it’s dead as a doornail once more. As I’m typing these words, the /NQ is up a heart-pounding 0.01% on the heels of what was ostensibly one of the most important earnings reports of the year.
Nvidia Hot Take
This is going to be pretty quick, but I will be back later this afternoon to write more about Nvidia once some of the dust has settled.
After waiting and waiting for their report to come out (for some reason, they missed their traditional 4:20 announcement), the data finally hit, and it looks like the bulls love what they see.
Ceilings and Nvidia
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.
Awaiting a 5-Handle
Good morning, everyone. Just one thought and one chart: Bitcoin is down quadruple digits again, and although I’d be surprised and delighted if it happened anytime soon, a crack below $60,000 would accelerate selling. I’m sure your hero will try to do something about this debacle during his pointless and performative state of the union tonight, but from a charting perspective, things continue to look deliciously weak.
