Call it rotation or profit-taking, but some market bulls are backing away from a number of favored pandemic-related names Wednesday. For example, Nvidia Inc. (NVDA) , the chip manufacturer that currently generates most of its revenue from the sale of chips for competitive gaming. It's stock is down sharply. Let's check out a few charts to see if this is a game changing move.
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These names are displaying both quantitative and technical deterioration.
You can rock on for now while the music is still playing, but be prepared for the inevitable 'out of the blue' sour note.
When you put them together, trading success is nearly inevitable.
You can't call this market overbought when so much of it isn't participating.