Trader J's Inner Circle Message Board

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Strategies & Market Trends : Trader J's Inner Circle

NVDA 200.03

+0.8%

9:57 AM EST

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To: Zen Dollar Round who wrote (56410)	8/8/2024 11:27:03 AM
From: Trader J	of 56532

Pretty much agreed. The trend is the trend until it's not the trend. Underneath it all is that there is concern about NVDA's results. There's enough time for that to abate for an uptrend to occur but that won't erase it. Intraday spikes are being sold off, profits taken. I don't see a reversal of the trend and there's not enough catalyst for Wall St. to take positions into the weekend. Going flat ahead of the weekend likely remains the current M.O. At this point, Main Street is in disarray without confidence or conviction. The only way I see out of this trend is for Wall St. and algorithmic trading to take place, buy programs to start snapping up "cheap" shares of the stocks that have led us down. But my conviction in the shopping list remains. This is a pure phoenix play as I call it. It's healthy, it's normal and it's an opportunity. To that, I have no question. Timing is a crap shoot. But all the best moves in sectors or names have period of massive rise and then softness which provides support/base for the next leg higher. I firmly believe that is where we are now. Short term bottoms will be tested, breached, retested until a lower range holds ... churn occurs and then we rise into the next leg of the uptrend. I'm firmly convicted that remains the case here. Whether the recent lows have been put in, I cannot say. It's very possible we see another 10% decline, but I think that is improbable. At some point, and it could be today or tomorrow ... that trend could break and these recent lows will be the base. Hopeful it's today and that tomorrow reverses the direction. We'll see. I will continue to nibble where I can, but I'm keeping entries a bit smaller to provide for more nibbling if we slide further.

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