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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.
We all played it. Folding chairs in a circle, one fewer than the number of players, somebody’s mother working the stereo with her back turned so she couldn’t be accused of favoritism.Nobody won that game by reacting. The kid who won had been shadowing one chair for two full laps — hands low, weight forward, committed to a spot long before the room went silent. The music stopping was the least interesting part of the game. It confirmed what the positioning had already decided. That’s what most market analysis gets backwards when it reaches for this analogy.
I can’t say much has really changed with today’s action. The market made a slightly lower low but still held over support. And, as long as we hold over support, the yellow count is still quite alive and well.But, in order to make the yellow count a much higher probability, we will still need to see a 5-wave rally back towards the highs for wave i of (v). Until that happens, this can still become quite precarious and see a break-down of support.
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