How to Score Big Bucks During a Bloodbath
05/24/2024
Hey Trader,
Mark and I were super bullish into NVDA earnings, we made 50% on our SPX directional trade...but why not more?
Because as Mark said, NVDA is a vampire.
If you know me you know I'm bold with my market claims. I don't back pedal. I was screaming from the rooftops NVDA would gap up with a target of 1100. NVDA Got more than halfway there.
What I DIDN'T know, wish I did...was that NVDA all time highs would...tank the market?
This revisits my note from previous earnings. I remember I probably sounded like a psycho saying NVDA is its own beast, NVDA has nothing to do with the market. The market was going higher if NVDA was or wasn't. Well maybe I was right after all?
NVDA is giving main-character energy and took ALL the attention. While the initial jump boosted the market this morning, as NVDA rallied the market got SLOPPY. Like Mark said, it was a vampire. Such a perfect way to put it.
Bullish Support is 532.50 to set up for another launch attempt to 537. Breaking below that, We'll have to assess a potential short term put to Volume Support at 517.
Don’t forget to join us today at 3:00 pm ET for our Free Friday Trade to Close show!
We will be trading live WITH YOU for a full hour…
That’s right!! Today our Trade to Close show is open for FREE for anyone who wants to see how the most savage traders in the world do it every day!
Use this link to access our live stream TODAY at 3:00 pm ET.
If you click early, you can sign up on the page to get a reminder right before we go live!
Can’t wait to see you then!
Next up!! Mark’s Market vs. NVDA showdown…
Market Moves Spotlight
By Mark Sebastian
NVDA is up 10% as I write this.
Every major index though is down.
I can tell you that everyone and I mean EVERYONE thought the earnings boom would give the market another goose higher.
I personally was thinking we could make a run at 5500.
Instead the market opened on the highs and petered out.
What is happening?
NVDA Is a vampire….
It’s literally sucking the life out of every single stock…
AAPL is down 1.7%
AMZN 1.2
GOOGL 1.4
META .8
MSFT .67
TSLA 3.3
MONEY is flowing out of every single stock and into NVDA.
Could we rally into the afternoon? Maybe … but the S&P 500 feels really toppy and the price action from Thursday STINKS.
It’s highly plausible that we are due for some potentially serious selling. If NVDA can't hold the market's water … it’s up to bonds.
Bonds rallied most of May … but have now stopped:
The TLT dipped below the 50-Day briefly.
If rates fall apart and NVDA isn't doing it, what's next?
A major blow back from 0DTE trading.
Despite the market selling off, we are still seeing a lot of premium selling into this move.
Click here to join us TODAY at 3:00 pm ET.
Always be closing,
Olivia Voz and Mark Sebastian