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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Trader J who wrote (56347)	8/2/2024 11:04:38 AM
From: Trader J	Respond to of 56532

Market (Nasdaq): Anyone who knows/follows me knows that in the midst of adding quality names to my portfolios with some narrative all the while looking out for capitulation opportunities to use cash. With the Nasdaq now rallying a bit and down 2.8% or so, I thought maybe we had seen some of the capitulation I have been looking/waiting for into this decline. But what I'm seeing now looks to be more orderly to the downside, even with the volume seen. It's leaving me wondering if we don't have another 1% - 1.5% to the downside TODAY which wouldn't be a bad thing. That is why I'm doing my best to sit on my hands on not take full positions in some of the names. We could easily rally hard off this decline but I think it's 50/50. So, stay patient out there, add where you feel there is value and don't spend too much time trying to catch the very bottom in any name. It's a fool's errand. Buy at the prices you feel good about, keep the lots smaller and add in increments (average) to build quality positions. Good luck!

To: Trader J who wrote (56347)	8/4/2024 6:43:08 AM
From: Zen Dollar Round	1 Recommendation Recommended By Trader J Read Replies (1) \| Respond to of 56532

With the news that NVDA is delaying its next AI chip by at least three months due to a design flaw and the overall market taking a beating lately, I think we'll see it trade under $100 and perhaps even $90 in the near term. That would be a great buying opportunity and strengthen NVDA's longer term prospects, but there will be pain for awhile afterward as it trades flat to down. It was priced to perfection and any forecasts showing growth slowing or revenue issues will be punished by Mr. Market badly. The nattering nabobs of negativity will turn on NVDA, short it and pump that narrative for all its worth. Let's hope that doesn't happen.