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Don’t Be Greedy

Don’t Be Greedy
August 23, 2023

Don’t Be Greedy

Option market, bull in a china shop.

TRENT GRINKMEYER
AUG 23, 2023
Nvidia day!

Tonight, Nvidia announces their earnings for the quarter. A lot seems to be built up around this event since Nvidia ignited the explosions higher in markets back in May after his earnings report and guidance. Will they do it again?

Buy on the rumor, sell on the news has been the protocol for many of the spotlight tech companies this earning season. Super Micro Computers being one of them.

Nvidia Weekly Chart

I suspect Nvidia is facing the same challenges tomorrow morning when the markets opens up. If you look at the gains, a lot of these companies have accomplished since May it’s logical that you would see between 30% to 60% pullback from the highs.

I’ve been eyeing the $300 price for Nvidia since the gap up after earnings last quarter. I would not be surprised if we fill that gap in the next 30 days, if not in the next 72 hours.

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