The stock market is showing signs that it’s getting “tired,” so it could be due for a bit of a pullback soon…which would actually be normal and healthy.
This morning’s CPI data could/should have an extremely important impact on whether the recent euphoria in the marketplace continues…or reverses in any material way.
Nvidia (NVDA) is almost 23% of the SMH semiconductor ETF. The rest of this key leadership group has been lagging badly since mid-summer. So, next week’s earnings from NVDA are going to be even more important than usual!
The breakout in Bitcoin has been dramatic. We DO need to point out that it’s getting overbought. HOWEVER, it has also become much more overbought before it has topped out several times in the past. Therefore, it looks like it could run quite a bit more over the near-term.