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NVDA’s 10-for-1 stock split is in motion – traders who held as share at the close yesterday will get nine additional shares at the close today, and come Monday morning, the price will be split-adjusted down from $1200 to $120 or so.
But that’s not the big story here, not by a longshot.
The gamma squeeze (essentially market makers gobbling up shares) that helped push the price higher over several sessions now looks to be coming to an end. Today, I’m going to talk about whether NVDA at $120 can still drive the market the way it did at $1200.
That’s not just FUD – Nvidia has essentially made up 50% of the S&P 500’s returns year-to-date. If it doesn’t have the juice to keep doing that… watch out.
We have to look at today’s jobs data, too – it absolutely rocked the bond market and the dollar.
(We won’t be talking about the 130% gain we bagged in LULU this week, but… if you know, you know)
And of course we’ll check the expected move this week and the next. Let’s get down to it…
