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You've probably read about NVIDIA's recent earnings blowout… Where it revealed that thanks to demand for AI, its future earnings will crush previous expectations. The markets reacted by sending NVIDIA's stock surging by almost 25% in a single day… An impressive feat when you consider it was already a $700+ billion stock before that surge. If you already owned NVIDIA stock before the jump – congratulations… But if you didn't, don't worry… Because I've just discovered an undercover AI stock that I believe could do 300 times better than NVIDIA. I believe this small-cap stock could deliver Huge returns in 2024 – which would be 300 times better than NVIDIA's 25% surge. So just click here to get your hands on my $6 AI Wonder Stock that could make you richer in 2024 (plus a whole lot more)…
By Ross Givens
Welcome to a new trading week.
The market is starting to feel “toppy” to me. And today’s chart shows why.
Chart of the Day
Last Friday, market leader NVDA – which has almost doubled over the past two months – saw a -10% intraday move, erasing nearly a quarter of a TRILLION dollars in market value.
That pattern – gapping up to new highs before reversing to close lower for the day – is known as a “downside reversal”.
Other semiconductor stocks, such as AMD and SMCI also saw a similar pattern to close out Friday.
When you see this, especially on above-average volume, it could be a sign that the top is in.
Now, let me be clear – I do not think the bull market is over (far from it in fact).
But I do think we could be seeing a short-term top as market leadership rotates.
And this rotating leadership presents an opportunity for those who know what to look for. I explain more in the Insight of the Day.
Insight of the Day
Rotating market leadership will likely lead to a short-term correction – before a different set of stocks make new highs.
Every bull market has a theme. And within that theme you will find the market leaders.
The leaders of this rally are obvious: Nvidia (NVDA), Super Micro (SMCI), Meta Platforms (META), Microsoft (MSFT), Palantir (PLTR), and maybe a few others.
Right now, I’m seeing clear signs of weakness in these leaders.
We could be seeing a rotation away from the old set of market leaders to an entirely new set.
But because this rotation would mean the old market leaders falling in price, it would also likely lead to a short-term correction – what is known as a rotational pullback.
Don’t worry about a pullback – it’s what’s needed for the market to knock some of the froth off.
Instead, focus on targeting the new set of market leaders as this rotation happens. That’s the opportunity.
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