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NVDA’s Blowout Earnings, Tech Breakout, Bonds in a Descending Triangle, Energy and My Hitlist

by | Feb 22, 2024

Everything’s up this morning and there’s no surprise as to why: It’s all Nvidia (NVDA) earnings. 

But we can’t let one stock overshadow everything that’s happening in the market right now…  Because while one stock can give everything a boost for a day or two, it isn’t going to change the landscape of the entire market. 

The Russell 2000, which has a lot of speculative stocks, has only 43% of its stocks trading above their 50-day moving averages. In the Nasdaq 100 (QQQ), where NVDA resides, has about 62% of its stocks trading above their 50-day MA. 

So on its face, the market looks really bullish. But it’s not nearly as strong when you take a peek behind the curtain. 

Three days ago, we had 398 stocks making 90-day highs. Wednesday, that number was just 163. So the landscape is getting choppier — that doesn’t mean I’m ready to fade the market just yet. 

So while this is good news, the bond market doesn’t look so hot, and the Federal Reserve said in its FOMC minutes dump Wednesday that it is not going to start cutting rates yet…

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. Emergency LIVE Session TODAY!

I’ll be live at noon Eastern today with an emergency update about my new trading tech that allows you to mimic the moves of institutional traders.

The technology is applied to your trading platform in about 90 seconds.

And once installed, it provides real-time alerts on stocks that institutional traders are most likely buying and selling!

Plus, I also have a few smoking hot trades teed up for you! 

Of course, I can’t promise they’ll be winners — there’s no such thing as promises in trading!

But consider this insight my free gift for attending the emergency session.

I’ll See You at Noon Today!

WRITTEN BY<br>Roger Scott

Roger Scott

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