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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Plus, the market has bad breadth and PC and operating system makers should benefit from virus-inspired home-based schooling.
While valuations still aren't as high as they got in 2000, a lot of recent investor behavior feels very familiar.
The market can continue this way for a long time, and that would be bearish. It's also one of three paths I see it going from here.
The close Thursday was not as strong as on Wednesday, but it was a decent bounce on the Nasdaq. Let's dig in.