Strong Move For Nvidia On Investor Day
Nvidia had its investor day today. It is a good idea to be aware of and follow these days when you have a major position in a stock, as analysts often make adjustments based on company policies, news, and announcements.
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- And Nvidia was one of the standout names from 2020, the first step from the lows of the coronavirus crash. But it has been hanging around for a while. Really fell off our radar as it was only trading sideways last summer. And then we saw that rotation in the names of semiconductor equipment that were really on fire. And now, Nvidia, with that big step on Investors Day, lots of headlines and some announcements that are clearly exciting investors because you look at the volume behind today's move, Justin.
JUSTIN NIELSEN: Yes. And that's something you just have to be aware of when those investor days come, various conferences, sometimes there are bank conferences, health conferences, and there is always the potential for companies to make announcements as to whether it is partnerships - one of you announced a partnership with Schrödinger, which is important for some drugs. So - and there are also announcements regarding maybe new products. Sometimes there are guidelines on sales or earnings. So there are all sorts of things that could come out of an investor day. So it is always a good idea to be aware of this, just as you are aware that a particular company's profits are increasing.
So a lot in this case - I haven't even looked through all the headlines. There was just ... you know, it seemed like headline after headline of things people said that were positive. You on the other hand saw AMD take a hit because some of those announcements were great for Nvidia, but AMD is like uh, oh, will there be trouble for us? Investors have kind of turned away as these two stocks sometimes trade beats with each other like I have the better chip now and then the next one comes out and they keep skipping each other.
Therefore, Nvidia has certainly excited investors today. We saw a lot of volume, a big move over 600. And while this was one that maybe somehow got off the radar, we made such a good profit on the leaderboard that we actually kept part of the position there April that all the way from April, and persevered. And that's just something you sometimes have to do if you want to make a big profit on some of these stocks. And we actually increased the position today. Please refer to the Subscriber Leaderboard Product for more information.
- So if you look at the intraday chart here, you can clearly see when these announcements came in, Justin--
JUSTIN NIELSEN: And it wasn't just one.
- Yes, announcements in the plural.
JUSTIN NIELSEN: Right.
- Very - you know, and that's why we're always looking for these new game changers, so - because obviously that can affect the fundamentals and only these technical measures, the excitement behind these announcements. So if you haven't managed to expand this position, do you think it is too expanded here at this point? Would you like to wait for a retreat?
JUSTIN NIELSEN: It looks a bit expanded here, but you have to be careful here. We spoke on "IBD Live" today, where I get a little nervous with these cupbases. When that goes right through that cup bottom, it feels extended to me. But sometimes when you have such a shift in income or news, they can go and not look back. That's just one of the things you might have to do to offset your risk.
You know how far you would be willing to let this go. If you entered here, how much are you under - over the 50-day moving average line? So if you're using that as a line in the sand and the risk is okay, maybe you can still take a flyer on it and be fine. If it pauses here, you may have another opportunity when a handle is created here. But right now, given this tape, I'm not sure this will have a handle. And I have to give credit too--
- Good point.
JUSTIN NIELSEN: - to Carson, because this man still sends e-mails on his day off and puts this on my radar as soon as the announcements move.
- Ed. Kudos to Ed. I don't know if you're listening, Ed. Probably not [Laughs] on your day off. Anyway, good stuff.
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