What is the old adage? ….. Do as I say, not as I do. Anyway, it is a long story, but I do occasionally run RSI on the S&P500 stocks and feed the results to Jack** who will only invest in stocks. Last night NVDA popped up on the screen and I shot off a message to Jack. He quickly replied with a long list of fundamental reasons as to why he will buy NVDA. It got me thinking, I got caught up in his enthusiasm and this morning I took a position in this stock too. Too bad I waited a while because I could have bought it $0.10 cheaper at the opening. There is another old adage … He who hesitates is lost.
NVDA volatility is 8.14% and it gained a nice 1.24% today on decent volume for this slow week. I set my stop loss at $16.68. I’m looking for some continued good performance.....for Jack’s sake, of course.
After the close today there were no RSI picks. Catch you tomorrow.
** FYI – Jack, not his real name, abhors ETFs. He claims they are for the unwashed masses. How can Jack bring himself to brag about an ETF at a cocktail party? It makes sense in a perverse way, but I point out to Jack that billionaire hedge fund manager John Paulson bought a huge position in the gold ETF GLD. Go figure.
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