Hedgeye: ‘Mother of All Bubbles’ Epicenter Is Now $NVDA, Not $TSLA

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“This is the most obvious bubble we will ever see out of any of the bubbles I’ve ever called,” explains
@KeithMcCullough
.

“The absolute worst thing will be if Nvidia closes down today, after opening up.” ☠️

Watch the full excerpt: https://app.hedgeye.com/insights/138372-the-epicenter-of-the-mother-of-all-bubbles-is-now-nvda-not-tsla?type=macro%2Chedgeye-tv

“Nvidia had what we call an ‘outside reversal’ yesterday. $NVDA shares were up +8% on the open. It gave back all its gains on massive volume by the close. It pancaked down to 0.1%. Up 8% to 0.1%.

And they did everything they could to make sure that thing was up 10 basis points. They. You know there’s a ‘They’ right? They is a thing. They made sure that Nvidia has certain orders. They make sure that Nvidia looks green on a day that it should. But damnit did they have to use a lot of capital to do that yesterday!”

“It was a particularly important day. The prior closing all-time high in July was around $475. So this thing goes up yesterday from its prior closing high on big volume and every CNBC monkey is talking about it. But you close at $471. $471 is not $475. That’s called an ‘outside reversal’ where you try to shoot to new highs on big volume, on big news, and you fail.”