Predicted NVDA fireworks
|S&P 500 wobbled just as during preceding NVDA earnings, offering nice long entry opportunity for intraday traders while not jeopardizing long swing profits of investors. Clients couldn‘t been happier – below, I‘m bringing you yesterday‘s premium analysis incl. commentary predicting what we saw unfold (just imagine how much you would have benefited personally knowing these) – note how well the 5,307 support called held.
5,335 remains the daily „point of control“, and odds are that even if pre-NVDA panic strikes that 5,307 would still hold. Connecting the dots of recent Druckenmiller statement and good showing by quite a few tech stocks (KLAC, AMAT to name only two), raises the odds of seeing the actual earnings received positively by the marketplace, and those overvaluation words by hedge funds able to move the markets, being a buying opportunity.
Today, we‘ll see more of the broadening S&P 500 rally, led by Nasdaq of course – and given the real asset troubles developing beyond oil, I don‘t expect materials and energy to spring anyhow fast back to life. Consumer discretionaries though offer nice bottoming view, and rotations are always there.
Gold, Silver and Miners
Precious metals bulls, per yesterday‘s live call, it‘s best to step aside for a while – the copper downswing isn‘t a bullish sign either. Miners will follow lower and base as well – yesterday‘s intraday attempt to hold the ground clearly failed. Inflation trades will take backseat to growth stocks as the upcoming CPI is likely to cheer up the rate cut enthusiasts within the Fed, as the below oil chart hints at.
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