We shall begin by marking the precise top of Nvidia with this little event, which I’m surprised didn’t cause international outrage………but when people are making bank, they don’t care. Those days are over. If Jensen tried this a week from now, his name would be Mud.As I type these words, Jensen is still droning on about how bright the future is for NVDA. I suspect he’s got one eyeball on the bid/ask of his stock right now, so he’s throwing everything he can at the wall to see if anything sticks. Pathetically, the company has announced $50 billion in stock buybacks in a lame attempt to prop up their shares for their personal benefit. That’s the only innovation they’ve mustered. Wasting shareholder cash.Anyway, the stock market is presently not that impressed. The cool part is that the numbers were ALL BEATS. They just knocked it out of the park.Yet in spite of that, the stock is utterly flaccid, limp, and dangling.
Consider the past few months on a daily bar basis. The lifetime high was months ago. We have hammered out nothing more than a series of lower highs. The fever has broken, just like it did in 2021 with TSLA. I wouldn’t be surprised if this stock was half its present value a year from now.
It’s all up to this channel. During the brief selloff that was terminated by our friends in D.C. on the morning of August 5th, NVDA briefly pierced its multi-year channel. That’s a tell. If we can break it again, I don’t think it’s going to have the strength to clamor back inside anymore.
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