NVDA igniting fresh spark
S&P 500 did prove sellers were tired – the essence of another daily profitable call for clients bringing over +35 ES pts gains on the first spike after the opening bell – even 6,680 resistance was broken to the upside briefly. Prices then though never quite made it below 6,620s – in spite of the overly bearish leaning NVDA earnings expectations.
And this quarter‘s results departed from earlier NVDA dumps after the earnings – I‘d say that revenue was fine(ly growing), but free cash flow disappointed… suggesting sales / accounting gimmicks to achieve the figures – figures that were very well received, aka when the boat is tilting too much one way, it‘s apt to move in the opposite direction.
Yields aren‘t an obstacle in the volatile stock market moves, but ask yourselves what does it mean when prices gyrate up and down intraday this much? Are those volatility metrics presented set to retreat a little, or push higher following those earnings?
With NFPs 119K headline and 97K private just strengthens no Dec rate cut odds, so I wonder for how long the immediate buying reaction can take stocks… clients will know first.
Author
Monica Kingsley
Monicakingsley
Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.
