Ladies and gentlemen the $NVDA numbers knocked the cover off the ball and now the bears are going directly to prison. As you read this they’re being rounded up and hauled off for being menaces to society.
Today’s rally, NASDAQ +340, isn’t broad based but fixed on tech and growth. The risk averse stuff is down and upside breadth is limited to only 66% of stocks. Because of this, I’m long with some degree of trepidation. I had to immediately liquidate all stocks that were down near the open, mostly risk averse, and of course close out my $UVIX hedge. If it weren’t for the fact I was long $SMCI, I might be down today.
Presently, I have gains of +330bps in the quant, +90bps in strategic, and +30bps in trading. My trading is by far the largest and I’d like to point out that I feel no pressure to increase those returns now. The day is young and markets might trend lower from here, reducing me to a fool should I chase performance.
The $NVDA numbers were good enough to shut up the bears and we should expect some continuation in the rally, perhaps not today — but definitely tomorrow.
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