US stock market has been on a tremendous tear, rising 8 out of 9 weeks, bears did not notice this incredible melt UP....
Call of NVDA bubble has been ON for last 2 quarters a long 180 days talk of deep analysis.....
SO
After 180 days.....finally NVDA got tired of gapping UP and making daily new all time highs....talk of boring existence.....
Too much of a good thing is not good for anyone even shorts were decimated by NVDA...IF you meet any short @ least do NOT discuss NVDA
OK OK
Some real numbers....On a Friday the 8th of March was a very critical day for burned genius & hot hot shorts who got scorched by NVDA....which hit 974 that IS in US$....mighty currency of the world.....but shorts got the consolation prize of NVDA closing $99.72 LOWER.....$875.28..low was $865.06....a stunning $108.94 reversal....YES all of this on same trading day.....
NVDA RSI went from 90+++ to a bearish 69.80
VOLUME was a stunning 114.2 million share.....BUT BUT volume was OVER 150 ++++ million on end of May 2023 quarterly earnings report which put AI on world map.....
What happens next....depends on overall market, NVDA may follow market for half day maybe...then back to pain for shorts....
Now for the serious analysis....
Market may pause and regroup this week.....
New sectors may come to life to play catchup ....
Inflation reports will be the focus this week CPI may be the shocker...thus buying opportunity in day & a half....
Good luck with your own take on NVDA which remains the only " talk of the world "..plus other stocks and market....
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hi Stocktrader,
Bought SHOP in Toronto @ $101.00
Saleem
Hi Stocktrader,
Bought AMD in Toronto @ $38.89
Saleem
Hi Stocktrader,
Bought NVDA in Toronto @ $83.21
Saleem
Hi Saleem,
Good luck with the rebuys on the dip!
Stocktrader
Hi Saleem,
Last week: +2.04% (YTD: +5.38%)
Portfolio Leaders: SOXS(from purchase) TNA(upon sale)
Portfolio Laggards: FLYW MTRN
The portfolio had a good week in light of the market pullback thanks to opportunistic trading in both TNA and SOXS. Besides that, there wasn't much overall net change in individual positions despite the intraweek volatility. The market was due for a pullback given the parabolic rise in some prices, so the action on Friday was not a surprise, but I'm actually not sure the setup exists for a sustained pullback or top. The biggest risks to the rally right now are probably inflation and taxes, but fundamentals remain strong. This push/pull should continue throughout the year, so being nimble sometimes will help, but often just being steady will help more. ULTA reports this week and I look forward to seeing how the consumer is holding up, especially in the beauty/skin care category - I expect good things.
Holdings: SOXS(x3) ULTA MTRN AGCO FLYW PSNL IONQ ZENV, cash 0%
Stocktrader
Hi Stocktrader,
Last week UP 5.80%
YTD UP .08%
Saleem
Hi Saleem,
You had an amazing call on NVDA and AMD. Somehow, I did not see your note of selling AMD and 50% of NVDA on Wednesday. I only saw your note on selling the last 50% of NVDA. I followed suit and sold 50% of NVDA. This has saved my portfolio on the NVDA U turn. Thank you.
Michael
Hi Michael,
Appreciated your feedback, I am glad you reacted to my message.
This IS a major bull market which many traders / pundits are not accepting IT...this probably is BIGGER than Y2K.....
That is why I am optimizing my exposure based on how I sense the direction even on a day to day basis....
That IS why I post my trades in " real time "
Good luck with AI BULL....
Saleem
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