Loading ...MAG 7 & NASDAQ 100 – Backtest & Top
The election euphoria over the last two weeks has given us a blowoff top in the MAG 7 and the NASDAQ 100. Today we get the first part of the back test after last week’s smackdown.
TSLA is having it’s backtest, which I don’t expect will make a new recovery high. The second piece, will be Nvidia on Wed. when it reports and has it’s earnings call. Unless there is some disappointment in what they have to say regarding forward guidance, NVDA could still make a higher high.
Even if they do make a higher high, I don’t think there will be a new high in the NASDAQ 100. The top is in. It comes down to a slow drift lower till year end, if NVDA is positive, or a collapse immediately starting Thursday, if Nvidia disappoints?
Could be Jensen picked an apropos name for his “miracle” second generation AI chip. There was a famous magician named, Blackwell. Could this be all “smoke and mirrors”? Maybe we don’t even have to wait for Thursday? https://www.zerohedge.com/technology/nvidia-blackwell-racks-reportedly-face-overheating-problems-signaling-major-concern-big