We had a correlations between the 2s and 10s yield curve today, which widened to 70bps and the market, with the fag heavy Nasdaq regaining more than 50 points from the lows. The Dow was off by 205 and barely closed down 100.
Men seated in wheeled chairs were out and about talking extremely greasy, elated by the decadence of it all.
Anything showing down more than 100 is quote stuffing fake news!
— Ramp Capital?? (@RampCapitalLLC) November 9, 2017
NVDA just posted earnings and as expected, they were spectacular.
NVIDIA sees Q4 revs $2597-2.703 mln vs $2.44 bln Capital IQ Consensus Estimate
NVIDIA prelim Q3 $1.33 vs $1.07 Capital IQ Consensus Estimate; revs $2.640 bln vs $2.36 bln Capital IQ Consensus Estimate
However, the basis for being short NVDA has little to do with earnings, but more to do with the price of the stock.
At 55x earnings and more than 13x sales, the stock is already priced for perfection — higher by 92% for the year.
Any upside action in the after-hours will be faded tomorrow. You can take that to the bank.If you enjoy the content at iBankCoin, please follow us on Twitter