Judging from its price action overnight, NVDA’s earnings and outlook were good enough. As we approach the open, however, it’s obvious that it hasn’t made new highs just yet – not a good sign.
Meanwhile, oil and gas bounced at critical support, allowing the 10Y to do the same as mixed economic data and Fed speakers hit the tape and Trump reiterates the Mar 4 tariff rollout.
continued for members…
Remember, if it breaks down, NVDA has downside to 104.
The equity picture.
VIX and VX are both on the bubble.
And, the DXY is getting a bounce.
Oil and gas’s bounce will complicate the inflation picture whereas a breakdown would have helped a lot.
Note that the 2Y and 10Y continue to move in tandem…
…keeping the 2s10s glued to 20 bps.
Stay frosty.