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Strategies & Market Trends : The Art of Investing
PICK 45.35+0.2%Nov 7 4:00 PM EST
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From: Sun Tzu4/4/2024 4:40:23 PM
1 Recommendation

Recommended By
Sr K

   of 10550
 
I've been warning about NVDA being toppy. On twitter, I called 880 as the support line and also mentioned that the positions are structured such that small down move will cause and outsized drop.

Then yesterday I emphasized this in a tweet where I said sharks drown when not swimming. It got picked up by Samantha LaDuc in her note to clients.

And today my GTC sells went off for shorting SOXS and NVDA.

How did I know this?

A lot of people lose money in the market because they rely on outdated chart patterns and Wall Street lore. Those things stopped working once people realized they can program a computer to recognize and trade them. Seriously, is there anyone here who thinks they can spot a H&S or Cup and Handle or whatever faster and better than a computer can scan for them?

If you are going to use TA, you need to adjust for volume and volatility. You need to develop your own dynamic indicators that assess market participant positions and do scenario analysis as to what will be triggered if a certain move happens.

Here's the NVDA daily chart per my trading indicators. See the bottom indicators calling for a bearish divergence? I even went on twitter saying 880 was the make or break line and that NVDA was at an inflection point where a small drop could trigger a much bigger one.

The bulls are not necessarily roasted yet. If you look at my 2nd chart (4hr) you see that NVDA stopped right on the blue rail support line. It is likely to bounce off of that. But then the real test happens.

I shorted a fair amount of SOX yesterday and some NVDA today. If it breaks this support on Monday (or tomorrow), I will short some more.

Daily NVDA See the bottom indicators



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4hr Intraday Chart Note where NVDA stopped
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