“Nothing happens, nobody comes, nobody goes, it’s awful!”
— Samuel Beckett, Waiting for Godot
For the full dashboard, please click on ‘Download’ below:
NVDA came and went, leaving the analysts’ (or at least my) mouth opening after another stunning quarter of revenue in excess of USD90 billion and net income around the USD60 billion mark:
In. One. Freaking. Quarter!
Initially the stock sold off a tad, though eventually investors’ came to their senses and shares in NVDA are currently up about five percent.
Whilst this is not a name on our focus list of stocks, technically this could be an interesting entry point, with the price holding above the 50-day moving average and the price momentum oscillator likely to head higher again:
One share that IS on our focus list is Crowdstrike (CRWD) and they also just delivered a quarter of blow-out earnings and providing upbeat revenue guidance. We had already last week touted the stock as it was down 20% in one of its ‘typical’ drawdowns:
The share traded at $209, up >10%, after-hours…
Despite initial (red box) market excitement post those good technology stocks earnings (Salesforce - CRM - also delivered solid results), the euphoria started to slide overnight, as worries turn towards tomorrow’s Jackson Hole meeting again. Here’s the post-market close activity of the Nasdaq mini-futures:
Other asset classes, seemed to have now moved into a similar “Waiting for Godot” mode, including (UST) bond yields,
Gold,
and the US Dollar:
One segment worth higlighting, and we already did so a week or so ago, is the rising concern over French debt, below expressed via the French Oat - German Bund 10-year yield spread:
Now at its highest in years, if not decades, we are running into risks of a panic blow-out moment a la 2011/2012. Below, same spread again, but long-term picture:
Not to beat a dead horse, but maybe the following chart of the spread between French and ITALIAN 10-year bond yields is even more telling:
Gold started its bottoming process in late June, with the lowest recorded mid-July and then reinstated its uptrend in early August, with an acceleration post Bessent’s initiation of Operation “Twist & Shout”. Magically, or not, this very well fitted the seasonal pattern of the past thirty years:
Stay tuned (for more Gold gains)…
Today’s agenda (below) is vastly uninspiring, so it is really THE opportunity to enjoy to truly last warm day of summer (at least here) whilst we wait for Godot (aka Warsh).
May the Trend be with You!
Everything in this document is for educational purposes only (FEPO)
Nothing in this document should be considered investment advice
Investing real money can be costly; don’t do stupid shit
Leave politics at the door—markets don’t care.
Past performance is hopefully no indication of future performance
The views expressed in this document may differ from the views published by NPB Neue Privat Bank AG