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Happy Pre-Thanksgiving, everyone. I suspect a lot of kitchens out there are in a state of preparation and pre-panic. We’ve still got a full trading day in front of us, although it’s probably going to be a quite one. The only event in front of us is the PCE, half an hour into the trading day.
Bitcoin has crawled back over $3,000 from its nearly five-figure sell-off. I’ve got a lengthy “Best of Slope” crypto-related post waiting in the wings, which I’ll publish after today’s close.
Last night, while I was going about my usual reading and charting, the floor seemed to fall out of the equity futures market.
This is going to be a shortened, chopped-up week. Thursday is a holiday of course, and Friday will be a half-day. My tastylive show will be on just Monday and Tuesday. As we head toward this traditionally bullish week, let’s look at a few key indexes.
Although the /ES is (quite annoyingly) still up as I’m writing this, I’m delighted that the Nvidia “event” is behind us. The fact of the matter is that NVDA produced absolutely KNOCK-OUT fundamentals, and yet it’s still down! This just shows how much optimism is already baked into the cake. If absolutely stunning sales and earnings can’t budge the stock anymore, then this sucker has peaked. The string is through being pushed.
