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Scott Redler on NVDA: THIS Is the Key Area to Watch


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We have mixed markets around the world as we head into the last week of the second quarter. Europe is green while Asia is off small. Last Thursday, I warned that the semiconductors were overheated, and that proved a great spot to sell some winners. Some sophisticated traders made money shorting SMHNVDAAVGO, etc. as well as buying SOXS. It feels like we have a tactical top in that sector as we see if money rotates into the rebalance from last week.

SPX futures are +5. Last week's low is 5452, with the 8-day under at 5440. Treasuries are flat across the board and Fed expectations are holding steady.

Now let's dig into some individual names:

AMZN woke up last Thursday with a nice move through the $185 area. I bought a lot of $192.50 calls for July 5th. If this can hold $187ish now, it can clear the channel to hit $200+. It's one of my favorite names now.

TSLA has so many conflicting stories. It hasn't been special since last December. The pattern is tight. I have some $192.50 calls for July 5th. This will need HUGE volume and hold above $189 to get some active momentum longs back here. $176 is key support.

On Thursday, NVDA was a focus as usual, but to the short side for the first time this year. Some sold longs, some got short, some bought puts. Either way, my community was not buying. It was $140+ then, and on Friday, it hit a low of $124.30. I took some home long. I might need to wait until $118-$120 before looking to get aggressive.

ADBE did fill some of its post-earnings gap but looks decent. It needs to hold $505, and if it clears $535, it probably accelerates for active cash flow.

Your Trading Tip for This Week: Create a Daily Routine You Enjoy

The number one thing traders waste time and energy doing is… figuring out how to use their time and energy.

Create a daily routine that keeps you happy and productive.

This includes everything from chart reviews to gym time to coffee breaks.

There’s nothing less exciting than a schedule. But the more I plan out my day ahead of time, the easier it is to concentrate on the market.

Plus, I have more energy for gym and family time, which is very important to me.

Distractions kill your profits. So kill distractions with a routine!

This Week's Calendar

Scott's Positions Disclosure as of 2024-06-24 at 8.19.48 AM

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