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NVDA Won’t Spoil the Mood
www.oneoption.com
The largest market cap stock in the world is treading water after bearing estimates.
PRE-OPEN MARKET COMMENTS THURSDAY – Yesterday after the close NVDA posted better than expected results and AI is fueling the demand for chips. Good news was expected and traders were wondering if the earnings would be good enough to justify the current price.
This was a potential speedbump for the market and after an initial sell-off, the stock rebounded overnight. It is trading right where it closed Wednesday. Those who voted that the stock would be flat got it right.
This morning initial jobless claims came in at 229K. That is a slight drop from the 235K number last week and it bodes well for next week’s unemployment report. A number in the 245K range would have meant that initial claims are trending higher and that could have been problematic. We do have to take this number with a “grain of salt” and I question its reliability. Initial jobless claims should have been climbing the last three months based on the jobs report in July and they have stayed stubbornly low.
The second look at Q2 GDP was better than expected and it increased to 3.3%.
We keep waiting for a market spoiler and we haven’t seen one. The market is at an all-time high and the potential speedbumps never materialize. We are heading into a holiday weekend and given the overnight news the action should be relatively dull. Any dip during the day is likely to get gobbled up and those drops are our best opportunity to buy. We might not get any drops and if you want to jump on stocks with great RS and strong volume early in the day, start with a small position and expect to take heat. If you do that, you will be in the right mindset and you won’t panic. The stock needs to be the best of the best for you to take an early position. The market is opening flat and it is at the all-time high. Trading early should be the exception and not the rule. You will always be better off waiting for a market dip or a dip in the stock.
Support is the low from yesterday and resistance is at…? The market is bumping up against a major H+ trendline that starts Jan 2022. Normally H+ trendlines are not that strong, but when they are 3 years old I do respect them much more.
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