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NVDA Update: On the subject of the elephant in the room, the reaction to NVDA Earnings certainly is casting a huge shadow on the markets into tomorrow evening's report.From what I have been reading, for Jensen Huang and NVDA to clear the obligatory very high bar for Earnings, the company will have to excite investors with improvements in the forthcoming Rubin server rack that entail more compute, more efficient energy usage, and enhanced cooling ability embedded within each Rubin chip.
Today we saw more very tight sideways action, with the market trading in a very tight range, and clearly we have not made it out of the summer doldrums just yet. There is really very little that I can add to the previous updates as we continue this very slow action into the middle of the week.
While we are seeing the metals “pullback,” I cannot say that this is really enough to suggest the bigger pullback we are expecting has begun. Rather, I would want to see all 3 charts break below their .236 retracement levels. That would make me more confident that the bigger pullback is in progress.And, to be honest, while I usually provide you with a great depth of insight in the metals updates, there really is not much more to say. I would strongly urge you to listen to my full-member video this morning as well.
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