More chips, anyone? QQQ to the moon!

Stockcharts ^ | 2/22/24 | self

[TexasGator]

71 degrees, 21% humidity. Rare day in Florida. See you later.

[1of10]

“Rare day in Florida”

Ya it's sweet around here too.

But ... I
just can't help myself ...
Will we see NDX 18042 today?

I just HAVE GOT TO KNOW .... I can't stand the suspenders , the thrill of victory ... the agony of my feet ... or something like that ..

[1of10]

“if I’m bearish.

ok .... so ....
it just looked right
I think they still have a little gas..
but they may hold that to keep the brakes on... so

I know I said 2:00 ...but I meant 2:00 ISH ..ha ha

[Eccl 10:2]

“I still think we’ll see that 18000 NDX .. they want the headline”

$$$$$$$$$$$$$$$$$$$$

They got there. But will it stay there?

My guess is yes, for today, and they get your 18042 tomorrow (less than 25 bps away).

I raised my stops again. 435.80 on QQQ, 503.8 on SPY.

[SteveH]

after testing the waters with AMD beginning a couple of years ago, more recently i migrated into NVDA (with some SMCI). All buy and hold strategy.

this seems to work ok in a bull type market. I’ve probably made > $400k in the last month alone. I could have made more if i had not briefly lost my nerve in the last few days leading up to the NVDA quarterly report.

but what to do in a down market? i’m trying to learn about options and futures for use in down markets (any tips on how to start welcome). book recommendation? i have options trading for dummies on the top of my reading list right now.

on NVDA and SMCI, I am setting stop loss limits in place at 90%. I’ve seen fluctuations of up to 10% and beyond. What are good stop loss limits for these? should i use something besides stop losses as safeguards? different values/percentages?

I’ve got entirely separate pigeonholes for fighting inflation (traditional external managed account) and wealth preservation (gold and silver coins). I don’t mix the three categories.

[1of10]

“18042 tomorrow “

Loss the gas with 4 points to go ...
I couldn’t resit I’m on the train ... hedged in , but I am looking for red unicorns ..

I can’t believe they pulled that $ and 10 at 4 pts to go, you may be right and they want the headline for tomorrow

Trouble is ..that gives people time to think ...

So is everyone getting in the pool this after noon ... does FOMO rule ..?

Or are they heading for the showers?

[Eccl 10:2]

TLT keeps bubbling up here. Fed not done adding liquidity today.

QQQ approaching near term high of 439.14. If it fails and starts to fall, that could be a tradeable turn.

Same with NVDA and 781.65.

I’m a little skittish in that this sizeable rally is more or less based on one stock’s earnings.

BTFD mirror image is STFS (”sell the spike”).

[1of10]

I’m saddled up and straddled up ... on the short side of the Qtrain at 11 sqqq

ride em cowboy ....

[Eccl 10:2]

I’m hearing ya.

Raised my stops again.

436.80 on QQQ. 504.8 on SPY.

NVDA making another try, though. Almost 780. Maybe a lot of weak longs and institutions saying they were long NVDA at the close.

[1of10]

“briefly lost my nerve”

So ...you have felt the tingle .. the call of the wild ..
the thrill of victory the agony of defeat.

I can’t give you advise ... I can only tell you what I’m looking at... a few basics for me ...

I don’t shoot at bullseyes (average in and out)
I don’t hunt unicorns (don’t count on big red or green candles to save my butt)
Be able to articulate why I am doing what I’m doing

IF you read back through my posts over the last 2 weeks, you’ll see pretty much what and why I’m doing what I’m doing..

But ..... right now
I’m in sqqq at 11
feb 23 11 call
feb 23 11 put
over weight on call side

I’m riding the short Qtrain..... sounds cool right

If we get a big move up on the NDX I’m hedged to cover my expense of a bad call
But if we get a drop in the NDX my sqqq will follow and my calls will “magnify” the move.

Right now there are a lot of red unicorns running so I look like brilliant ... but ...

remember to never get financial advise from cranky old men on the internet ... for ENTERTAINMENT only

ooops ..there comes another green one ...

[Mr. Blond]

The rally will end, but AI is going to be a long term market driver.

[Eccl 10:2]

I just sold all my discretionary holdings, those are now 100% cash. Waiting for the next opportunity now.

[1of10]

“Waiting for the next “

Take a good breath ...
Another pants puckering day on the Qtrain ...

If your not feeling the rush .... your not doing it right

Did you get stopped out?... if I may be so bold as to ask ...
They rattled my cage at 18000NDX , I thought they may try for that 18042 but it looked like they just didn’t commit to the gas.
so .....11 is my number ...I hate to be in over night .. but here I am...
so far ..so good ...

[CFW]

Wall Street’s major stock indices closed sharply higher on Thursday, buoyed by AI fueled optimism following chip giant Nvidia’s upbeat earnings. The S&P 500 surged 2.1%, reaching a new record high, while the Nasdaq booked its largest one-day gain since February 2023, climbing almost 3%.

Simultaneously, the Dow Jones popped 456 points, breaching the 39,000 level for the first time in history to close at a new high. Nvidia soared 16.4% to $785.38, pushing its market capitalization beyond $1.9 trillion after exceeding quarterly expectations. This performance reflected growing confidence in AI and demand for its specialized chips.

Nvidia’s stock saw a historic one-day gain, adding $250 billion to its market value. Consequently, other chipmakers, such as Advanced Micro Devices (10.6%), Qualcomm (1.8%), and Micron (5.4%) also rose sharply. Meanwhile, Salesforce was the best performer in the Dow Jones, surging 3.5%.

[1of10]

” new record high”

They got their headline ...
missed on the NDX by about 4 pts ...

I saw your 17000 NDX call .... that’s even crazier than me .. ha ha ... at least I won’t be the only one hanging my head if this thing moon shots ...
I think I still have about a little over a week on my
NDX 20000 ... but will we see that 17500 again before that?

Should I go check the tea leaves go check the tea leaves?
oops ... I remember ... your a coffee drinker ..

ya that’s right ... I said it twice ...

[Justa]

“...by AI fueled optimism”

Sounds 2000-ish
or 2008-ish
or 2020-ish

Had a co-worker say “it’s 2024 and they won’t let markets go down in an election year”

Ok, good to know.

Some markets have 24 hr. access. A stop loss exit won’t execute before a gap down opening.

I’m in cash right now. Especially considering current news about loopy AI performance which is apparently just the subjective reflections of the programmers’ bias.

[Sgt_Schultze]

I understand nVidia is changing their pricing structure for high end chips. There will be a $10k per year license now, so their clients will bleed pretty hard until a suitable alternative emerges. Pretty surely that will end up on the bottom line in short order.

[CFW]

It was a wild day in the markets. I consumed way too much coffee.

I still say that what goes up, on irrational exuberance, must come down. I’ve gone into SQQQ in expectation of that fall.

It’s amazing. Two years ago, SQQQ was around 50.00. This afternoon it’s at 11.00. I think that is a good buying opportunity.

[Eccl 10:2]

My sale was voluntary, not from stops.

508.00 on SPY, 438.42 on QQQ.

Bought on Tuesday @ 496.18 and 425.57, respectively.

So, about 2% on SPY, 3% on QQQ. Good week.

[TexasGator]

“Some markets have 24 hr. access. A stop loss exit won’t execute before a gap down opening.”

Expanding. You can set a stop loss at say 90 for a stock at 95 but on a gap down you could be taken out at 80 only to find the stock trading at 90 or above.