Here’s your trade on $NVDA – August 16, 2024
Dan Fitzpatrick here at StockMarketMentor.com. We are on a countdown for NVIDIA’s ( NASDAQ: NVDA ) earnings, which are on the 28th.
Here’s the deal, I don’t really care too much, I actually don’t care at all what NVIDIA’s ( NASDAQ: NVDA ) earnings are, what their revenue is, what their profit margins are, who’s doing business with them, any of that crap. I don’t care about that at all, and I’ll tell you why. Because right now all I care about is the stock. I just care about how the stock is moving between now and when they report earnings.
I’ve drawn this horizontal line here to show the day that they’re reporting earnings, it’s not that many days away. This is why I’m going in this direction because you know I really do care about all stuff. I’ll say it again, I think NVIDIA ( NASDAQ: NVDA ) is going to hit 200.00. I think it will hit 200.00 before it hits 100.00, we’ll put it that way.
However, I’m looking at the pre-earnings run that this stock is on. And obviously, it’s not just this stock, it’s basically everything in its existence that took this big massive dump down, and then is coming back.
In fact, one of the things I was telling my members is, what you could almost do because of the way this market has fallen due to the unwinding of the Japanese or the Japan carry trade and all that other stuff is, you can just forget about this stuff and just assume, for the most part, that’s it’s business as usual, at least that’s the way I see it.
That gets us back to NVIDIA ( NASDAQ: NVDA ). How many folks do you think are going to be saying, Wow, I see what this stock’s done, but man, 12 days from now they report earnings. You know what? I think I’m going to sell now, I don’t think anybody is going to do that. Well, maybe somebody will, the guy that sold me his shares today.
What I’m saying is, that I think between now and the 28th or at least at some point close enough to the 28th, which is not this coming Wednesday but the following Wednesday. At some point, I’ll say between now and the 27th, I think this thing is going to have a free ride. I don’t think there’s going to be much selling pressure. I don’t know how much buying pressure there’s going to be, but I think that the path of least resistance is up.
And if I were a betting man, and I’m not, I would say that before earnings are out, this stock is going to be back up at this level. It’s going to be back-testing this resistance, and that is not much of a call on my part. What I’m saying is, I think the stock can run another 8 percent before earnings. If you are considering that this is where the stock closed last Friday, and it’s up here, up 20 percent in a week, I think another 8 percent, that’s probably a pretty doable thing.
The point is this, I think you’ve got to buy NVIDIA ( NASDAQ: NVDA ). I think you’ve got to be long right now. Where you do or what you do when the company reports earnings on the 28th, that’s your business. I’m sure we’ll have plenty of videos between now and then. I’m just saying you’re holding this thing one day at a time, one week at a time. Over the next couple of weeks, I think this thing is just going to keep moving higher.
There’s going to be more and more bullish commentary on it and that’s going to bring out the buyers. It’s just going to continue to go up, at least if I have anything to say about it there will because I’m buying the living snot out of it.
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