Who could have seen that coming?
Sure enough – as has been the pattern – NVDA’s overnight gains have been eras
That has dragged all the majors back to day-session lows…
Bitcoin is puking…
And it appears crypto was leading the majors lower…
As we detailed earlier with regard to whether the rally would stick, Goldman’s Rich Privorotsky lays out the tactical bull and bear case:
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The dream today is NVDA up 10%…GOOG powering on…useful-life comments killing the worst fears around CoreWeave and the debt-fueled AI buildout…sentiment snapping back as crypto, retail and systematic flows all rip and we grind back to the highs. Cherry on top would be a 20k-type NFP that puts cut pricing back near 75%.
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Worst case is NVDA pops at the open then slides as forward constraints cap the 2nd derivative of growth…crypto pukes, CTAs are still sellers, NFP is hot, and Dec drops to 25% while credit refuses to tighten to match the equity rally and remains the lead indicator.
It appears the ‘worst case’ is looming as rate-cut odds are fading lower again now too…
Tomorrow brings the largest November OpEx in history – which will likely not help.
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