And finally, folks, we have Nvidia. How can we end the day without covering Nvidia news, especially after their announcement of a $150 billion share buyback program? That initially pushed the stock higher, and it closed the day up 1.68%, but note that I have an upward trend line that has effectively blocked all of Nvidia's attempts to rise so far.
NVDA
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Nvidia toppy on the dollar too. Short-term bare calls as well on Nvidia SKHENX that worked.
Right now it is slightly down but remember the QQQ is driven by Nvidia Tesla Micron all those names and that's what you need to look at to understand where this thing is going.
Nvidia clear sell sign I talked about last week at 231 and it did it turned and burned. However, we have a little bit of a higher low here from this one down here. No buy signal yet, but we did hit 210 today.
In fact, no, we didn't hit 212 today. But I do believe we're heading back up up to this resistance level, the 228 230 level. and we'll churn higher until we break out in Q4. So, this is not one you want to sell here and one you want to kind of accumulate on dips, but I don't know if we're going to get sub 200 again.
It's just too good a company. Way too good a company.
Nvidia, Nvidia's horrible. I lost a decent amount of money in Nvidia. Um, some people like, "Hey, Red Dog, you were blind blind to the, you know, the double top in Nvidia." Like, you're right.
I wasn't blind. And I just thought maybe you were a little extended from the eight then we had to come in and guess what it's now it looks a lot more like a double top right you know if you you had a dogey top and once it broke 229 I know I got out of my shares I have no shares in the video I did buy some options that you know I lost money last week and some people do have it on as a power play and might get stopped out today we'll see how it reacts you know watching Nvidia Nvidia is down six it's the poster child of the AI spend that they're trying to slow down, but it's also been down for, you know, one, two, look, if we were going to be that strong on Friday, would Nvidia go from up three to red?
Guys on the alpha team like Red Dog, Nvidia doesn't act well. This is a bologoney oversold bounce. I'm like, it's looks like it. So, if you shorted into that or got out of it, congratulations if you didn't.
You know, we'll see what it does today. you know, does Nvidia put in a low in the first 5, 15, 30 minutes and go from down six to down two or three and give us a point of reference for the week or does it open down six and remain under pressure and it's been sold every day last week.
Um, what's this low here? This is 20734. This gap's going to be already filled. It's below 217. Um so for today I would say hey um see if Nvidia puts a low in shows a little relative strength verse the indices and then maybe played verse that or just let it work itself out you know this is definitely going to be a battleground this week but it's also been down five days choppy the stock's been hard sometimes Nvidia is hard sometimes it's easy it's been very hard
Nvidia has been on a rager as well. We do have that little sell signal which coincidentally this the all these boxes by the way stay the same to the support the resistance level.
This resistance level here, I'm going to draw a line across uh is exactly where the sell signal happened. So, we are still bumping up against a 228 Nvidia resistance. There will come a day when we'll break out and continue up.
We had that back here in May. Um we'll have it again in Q4. Maybe not for September. September is a rough month, but right now the trend is turning down and we have a sell signal.
So, I would not be loading up here. Maybe if you are a hedger, you may want to hedge some Nvidia, but Nvidia is still super cheap at these levels, too.
Well, I've had the opportunity to digest Nvidia's recent results, press release, conference call with Wall Street analysts, income statement, cash flow statement, balance sheet , etc. I have updated the company's discounted cash flow assessment and revised my rating of it .
Remember, prior to this quarterly investor update, I upgraded Nvidia stock to my top buy. So I was very pleased to see the share price jump by about 10% after the company announced these results.
In an unexpected move characterized by transparency, Nvidia revealed additional details about the financial arrangements it is making with some of its partners and customers. I felt it was really important for investors to look into these details to better understand the situation, as it was one of the biggest risks that Nvidia stock investors pointed out, namely the risks of circular financing arrangements.
cybersecurity stocks such as CrowdStrike and Palo Alto Networks rose based on the idea of “the need to defend against this,” while chip stocks declined.
So, Nvidia, Meta, and the big companies, will continue until a new headline about a rogue customer triggers another market scare.