gfp: An article on Zero Hedge pointed out that with the sudden divergence between the Nasdaq and the Russell 2,000 there was a frenzy of traders loading up on QQQ puts yesterday. 2.4 million put contracts traded. So lots of traders seem to think the current divergences are bearish. Looks like a sector rotation to me. Some of the high flying tech stocks just go too far in front of their skis and traders smartly took those profits and plowed them into the moribund small cap sector which really started breaking out last Friday. So I continue with a wait and see approach. I'm still strongly in the camp that we have another leg down in this protracted secular bear market. No later than the fall. I was listening to an analyst on one of the podcasts, probably the McAlvany Weekly Commentary describe just how overvalued NVDA has become. It should be a great prospect to short at the current valuations, but Tesla defied gravity for years and lots of short traders lost a fortune waiting for it's demise. So I won't gamble on shorting NVDA. But if everything was based on fundamentals NVDA is at least overvalued by 50% if not more.
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