• The “internals” for the stock market during yesterday’s decline were not very bad.  So, as long as Nvidia holds up…and the market broadens out…everything should be just fine.
  • HOWEVER, NVDA has now become the most overbought it has EVER been by a couple of measures.  So, if this fabulous stock joins other tech names with a pullback in the next week or so, it’s going to create some problems for the stock market over the near-term.  (BTW, if big-cap tech gets hit, there won’t be any rotation.  The entire market will see some weakness as well.)  Therefore, investors will need to stay a little bit more nimble in the weeks ahead. 


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