Oil prices pulled back yesterday, triggering a short squeeze. With too many crowded into shorts on semiconductors, it actually sets up a rebound for the sector and hardware stocks. Trump recently weighed in to clear things up for Jensen Huang, and such rumors are trivial to him. Therefore, I believe the short-term panic surrounding $NVIDIA(NVDA.US) is unlikely to escalate.
From a technical perspective, $Invesco QQQ Trust(QQQ.US) needs to bounce above 675 and hold support to confirm the trend today (Confirmation). If it breaks through the second key level of 704 tomorrow, our chances of a reversal increase.
The system still treats this as a "rebound" rather than a "reversal," so overall risk remains high; thus, taking profits is advisable. If 704 is broken with increasing volume, we can gradually add positions. $Micron Tech(MU.US)$Sandisk(SNDK.US) $Lumentum(LITE.US), along with COHR, MRVL, INTC, SOXL, SOXX, AMD, GOOG, and the other seven tech giants, are poised for a sharp rebound.
Let’s go, let's squeeze those shorts! My account recovered significantly today, feeling good!
