Hey the market can't take up everything at once. Today is video game day, after a remarkable quarter from Activision Blizzard (ATVI) . Some terrific spillover to Take-Two Interactive (TTWO) and to Electronic Arts (EA) . Justified.
It's oil day, as we learn from the IEA that the Saudis are keeping their vows -- and then some -- and demand is going higher. I wonder if all of those longs threw their hats in the air when oil hit $51 to $52. (We are making some changes in oil today in the Action Alerts PLUS portfolio.)
And it's industrial day, after that remarkable Cummins (CMI) quarter and the amazing Cliffs Natural Resources (CLF) quarter (yes, with an offering of 50 million shares to further fix the balance sheet), and the spillover there -- on steel.
So do we sweat Nvidia (NVDA) ? I say let the momentum owners sell it, and then do the buying. It was a remarkable quarter -- but the stock had almost doubled from the last report, so it would have taken an even more remarkable quarter to get it higher.
Today's rally is less-Trump, more-earnings -- but don't get cocky. It's Friday, and in the bullish old days, you used to see profit-taking on these occasions.