NVDA premarket
Shares of NVDA are trading up about 7% ahead of the equity market open. I worry there could be profit taking at the open or some point today, despite the raft of upgrades following an incredible quarter.
There has been extremely heavy options trading in NVDA and many of those positions will be unwinding as implied vol falls after earnings and traders take profits.
If there’s a reversal in NVDA, it could take down the entire market.
S&P 500 futures are up 0.4% ahead of the open with tech doing all the lifting and commodities struggling.