Markets are down ahead of what could be the biggest earnings report of the quarter today after the close: Nvidia (NVDA).
Nvidia and chip stocks have had a massive run higher, and I would be very, very careful here. NVDA is priced around $700 a share, and the expected move higher or lower is 11% — that’s about $70… a huge move!
Will we get any help from the bond market (TLT)? Bonds are waiting for today’s FOMC minutes at 2 p.m. ET, followed by Fed Chair Jerome Powell’s comments at 2:30 p.m.
It’s sitting right below the eight-day exponential moving average, and I expect it will come down and test the 100-day MA. WE’re also seeing lower and lower highs, which tells me it’s breaking down.
I don’t think we’ll learn much from the Fed and the minutes will just confirm what everyone already knows — that rates will stay higher for longer.
Cybersecurity stocks are also getting routed today…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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