Wednesday, February 21, 2024

NVIDIA at the bat

Mid-week market update: The poem "Casey at the Bat" may represent an apt analogy for today's stock market (see Wikipedia entry if you're unfamiliar with it). Technical warnings signs had been appearing. The S&P 500, the NASDAQ 100, and the Semiconductors Index, which is a bellwether for AI-related plays, had all weakened and violated their 10 dma. Even the Russell 2000 small cap index, which is largely unrelated to AI market factors, weakened below its 10 dma. 

Much like the story in the poem, it was up to Casey (NVDIA), mighty Casey (NVIDIA) to pull the team out at the end.
The full post can be found here.

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