What NVDA Disappointment?
S&P 500 fearful positioning did strike early after the opening bell – providing for very quick intraday gains – but then the curse of very high expectations sent stocks down. Sell the solid news just because the pace of beating expectations was slower than prior quarters, and see the dip being bought overnight – that‘s a fitting summary.
Has the medium-term outlook changed now that this is over? No, and I look for VIX to keep declining and yields continuing quite unfazed. Uenmployment claims will come in all right and so will GDP, therefore more relief of no "recession not knocking on the door ahead, let‘s enjoy the still mainstream 100bp 2024 cuts expectation." And salivate some more on good core PCE tomorrow.
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