On this week’s edition of The Big Picture With Jeff & Roger…
We had another amazing macro discussion about where things stand right now on Wall Street, particularly in regard to inflation, oil and the S&P 500 sectors…
But what about leading chipmaker Nvidia, the latest big company to lower guidance?
The Big Picture With Jeff & Roger
This is a bad, bad thing, especially on the heels of this massive chip bill that was just signed by the president. These guys are getting free money from the government, and the sector still can’t catch a bid…
Shares of Nvidia Corp. (Nasdaq: NVDA) dropped from $190 heading into the weekend down to $168 by Tuesday afternoon, and it’s concerning.
The reality is consumer spending is slowing down, and I do not like this chart at all…
You can see that NVDA couldn’t break above its previous high set on June 2, about a week after reporting earnings.So it ran into big resistance still well under its 200-day moving average, and it broke back down…
So a word of warning to everyone who’s gotten so excited about these face-ripping rallies in stocks that were down 80%…
If a stock falls from $300 to $50 and then rallies to $70, it’s still broken. The only index that’s technically still in a bear market from all-time highs is the Nasdaq, and that’s because of how broken a lot of these charts are.
But when you get a massive company like Nvidia coming out and guiding lower, this is a bad, bad sign for the market. And as I keep saying, this is a bear market rally.
So when you see crap stocks like Bed Bath & Beyond (Nasdaq: BBBY) squeezing 50% in a day, that’s a hint that the Federal Reserve isn’t done. There’s still too much money in the system that can be wasted on BBBY calls…
And I’ve been saying for weeks that this bear market rally will come to an end as the summer starts to get long in the tooth, and we’re showing that this week. And I see some deep selling coming…
So check out The Big Picture With Jeff & Roger and let’s dive into this topic, the No. 1 utilities stock in the world and more!
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P.S. Looking for the Best Overnight Trades?
We haven’t seen investors pull their money out of the market at a rate like this in years…
Meanwhile, the Federal Reserve is about to meet and let us know how much it plans to raise interest rates this week.
And while others panic, I’m prepping for some of the biggest overnight turnarounds we’ve ever seen…
Starting with tonight’s overnight trade opportunity!
And based on what the market internals and global economy are showing right now…
I believe we’re just at the beginning of a…
