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NVDA challenging traditional analysis

By Brian Pez  |  
Andrew's Newsletter  |  
Jun 11, 2024

Dear Traders,

This is Brian Pezim, writing on behalf of Andrew.

On Friday, I traded AMD at the open for a nice move higher. Job creation was much higher than expected, causing yields to rise and the market to initially sell off. However, the buying brigade stepped in, as usual, to save the day.

The GME sideshow continued with Roaring Kitty streaming on YouTube. Friday’s stream did not achieve the desired effect, leading to high disappointment among its followers.

Today, NVDA had a slight pullback at the open but has since resumed its upward run. Quiet buying of NVDA is taking place to rebalance the portfolios of many funds that were underweight in the stock. Investors hope that after the split, the stock will make another push. At the moment, euphoria is driving this stock, and traditional analysis factors do not seem to matter.

At today’s World Wide Developers Conference (WWDC), Apple announced Apple Intelligence, enabling iPhone, iPad, and Mac to understand and create language and images. However, so far, Apple’s AI strategy does not seem to be convincing investors.

The latest news from Andrew’s team is that they were waiting for a weather window to make the final push to the Denali summit.

Lastly, Andrew has scheduled a few LinkedIn posts before his attempt to set a world record. Please follow him and leave him some comments.

Happy Trading,

Brian Pezim