Update on NVDA Options Trade

Market may have had its fill of NVDA after Mushy Earnings Report

NVDA Earnings Turn into Mushy Non Event – Update on Recent Options Trade

We may be witnessing a big “walk away” from NVDA.

The highly anticipated earnings report from AI kingpin Nvidia (NVDA) turned into a mixed bag of mush as the company beat expectations handily but missed slightly on its outlook.  The market has taken the report in stride and continues to focus on what the Federal Reserve is likely to do in September.

The New York Stock Exchange Advance Decline line (NYAD) is still within reach of a new high, which is reassuring.

The U.S. Ten Year Note yield (TNX) remains below 4% as traders wait for tomorrows PCE deflator news from the Fed.  A negative surprise there will likely push TNX toward 4% and will provide a short term excuse for selling stocks.

NVDA has so far found support at its 50-day moving average near $120.  There is a small shelf of support below that at the 20-day moving average.  A break below that could take the stock down to $95 where the next major support can be found.

I have full details of my recent NVDA trade just below.

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