3/6 Recap

We got a huge gap up today in tech after the results from Crowdstrike yesterday. This has been the same story for the last 18 months, every dip we have, someone reports earnings and changes the narrative. Yesterday the QQQ, below, sank and tapped the 21 ema, it was teetering on a potential trend shift and of course the next day they gapped it up over the 8 ema and the bull market was back on. I really do sympathize with bears, they’re not wrong on many things, but it is near impossible to short a market where every little dip is seen as a lifetime buying opportunity.

If you look right now, this is some pretty unhealthy action coming from our market leaders still, the /NQ is up 200 points today and Apple,Google, and Tesla are red, again, that has been the theme recently. Those 3 are the laggards near daily while NVDA and META just go up 2-3% every session.

Nobody can tell you how this ends because there is no historical parallel for a $2 trillion dollar company just gaining $40-60b in market cap everyday. It does not really shock me because NVDA has been the top trend in my database all 2024. The NVDA 10k was highlighted by my friend Q-Cap today and 19% of their revenue is from 1 customer. That seems highly concentrated and long term unsustainable, we know Zuckerberg was recently highlighting buying 350,000 GPUs, that isn’t something you’re doing every year. We will see how this AI story goes from here on out but what a stock NVDA has been it was green yesterday with the /NQ down 400 points.

Trends

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Year To Date

Today’s Unusual Options Activity

Here is today’s link to the database, as always it expires in the morning at the open. I will have everything else from today’s session updated by tonight, I always try to get it done by the afternoon, but sometimes I have things in the afternoon like yesterday and I couldn’t get around to it until night time. So for the sake of things I will just say by night time from now on it will be updated.