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
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