Nvidia Lets the AI Trade Roll, CIA in Moscow, Warsh’s Backyard BBQ
Nvidia’s results beat Wall Street expectations by a mile, signaling the AI trade is alive and well.
Tweet of the Day
Position: None
Oscillator Is in the Neutral Zone
The S&P Short Range Oscillator is at 0.05% vs. 0.50% — that’s in neutral territory.
Position: None
Things I Did Yesterday
Here are yesterday’s things:
* I covered $NVDA at $206.60 and re-shorted at $218.50.
* I added to my $CRVW short at $90.79.
* I added to two ETF shorts — $GRNY at $27.88 and $JOET at $46.19.
* I added to my $JPM short at $356.80.
* I shorted $SPY at $769.29 and covered at $768.53.
* I shorted $QQQ at $716.73 and covered at $715.02.
Position: Short NVDA (VS), CRVW (VS), GRNY (M), JOET (S)
With the Nasdaq Nearing Oversold, Let’s Check the Intermediate-Term Indicators
Readers have asked about the intermediate-term indicators. They’re not saying much yet, but that might change as Nasdaq nears oversold.
A Quiet Market, But Can Intel Shares Begin to Rally?
Stocks are pretty much where they were last week. Small caps haven’t moved in two months! But is Intel preparing for a move up?
The Nvidia Wait Is Over. The Real Test Starts Now.
The stock is trading lower after the bell but the big question is how it impacts the broader market.
That’s a Wrap!
That was a long, tough day. All of that macroeconomic data did nothing to spark the marketplace. We had to wait until the closing bell to see some of the type of action we, as traders, crave.
Equities closed slightly lower on Wednesday as traders awaited Nvidia’s ($NVDA) results, among others. The S&P 500 ended almost flat at -0.02%, while the Nasdaq Composite gave back -0.08%. Can’t make that stuff up.
Five of the 11 S&P sector SPDR ETFs wound up in the green, led by industrials ($XLI). Health Care ($XLV) was the weakest performer among these funds.
Treasury yields climbed. The U.S. 2-Year Treasury yield moved up 3 basis points to 4.21%, while the U.S. 10-Year Note paid 4.65% (+3 bps) by day’s end. The yield on the U.S. 30-Year Treasury yield ticked up 1 basis point to 5.17%.
As I send this note, we are still waiting on Nvidia. CrowdStrike ($CRWD), Okta ($OKTA) and Salesforce ($CRM) have all already reported. The market has react favorably to all three.
Position: Long NVDA, CRWD equity
Tonight’s the Night…
Position: Long NVDA, CRWD equity.
Baseball Trivia Answer
Question: Since integration (1947), excluding the 2020 and 1981 seasons as there were not enough games played, only two MLB franchises completed an entire full-length season with a team batting average of .220 or less and less than 65 home runs hit in aggregate.
Name them.
Answers:
The 1963 Houston Colt .45s hit .220 with 62 HR while going 66-96 (9th in the NL).
The 1972 Texas Rangers hit .217 with 56 HR while going 54-100 (6th in the AL West).
Position: None