The first few days of the week have been very strong lately, and this past Tuesday and Wednesday were no exception with two very big up days. These were followed by a vicious quick plunge on Thursday and more of the same on Friday. The market is getting close to breaking its rising trendline that has been in place since early October.
Let’s start off with the S&P-500 and then on to the Nasdaq and their rising trendlines that we need to watch closely.
My short-term trading oscillator closed the day on Friday at -12. Oversold readings start at -40 so we have a ways to go before this short-term trading tool gets down to oversold levels.
Let’s start off with Nvidia Corp (NVDA) that posted strong earnings last week and the stock shot up $44 on news over the course of a few days. Earnings were up 136% to $1.89 a share with revenues up 41% to $3.1 billion.
Now on to a few Chinese stocks.