Retail Trade Takes A Step Back

NVIDIA earnings just dropped seconds before I hit record.

The initial knee-jerk was sell-side. Stock down between $5 and $6 right out of the gate.

Here’s what nobody else is telling you. The expected move on Nvidia tonight sits just north of $13.

That $5 drop barely scratches the surface of what’s priced in.

Watch tonight’s video for the full breakdown:

• Order flow on the print is shockingly thin. No glut of sell-side activity hitting the tape despite the initial dip.

• The conference call is the real catalyst. Jensen has a history of putting on the leather jacket and turning sentiment on a dime.

• Futures contracts are barely budging. The S&P 500 and Nasdaq are pricing in a much bigger move than what we’re seeing in the stock.

• This setup tells me a bid could come back into Nvidia by the time the call wraps. The market is waiting on guidance, not the headline number.

This is the kind of two-sided print where retail gets caught chasing the first move.

Don’t be that trader.