Shares of AI bellwether NVIDIA (NVDA) refuse to die and promise to deliver an interesting week. Things can get even more interesting after the Federal Reserve makes its latest interest rate decision, due out on 3/20/24. Only one thing is nearly certain. The Fed is not likely to cut interest rates at this meeting.
For its part, NVDA is hosting its annual developer conference, aka GTC (GPU Technology Conference) in San Jose’, California this week with the increasingly popular CEO Jensen Huang scheduled to deliver remarks in the late afternoon.
Ahead of the conference, the stock was bouncing back after last week's volatility. As I pointed out in my latest Smart Money Trading Weekly, the stock has recently been under selling pressure. Thus, what happens in the next few days will likely set the stage for the next move in the shares.
In this morning’s action, the shares seem to be carving out a consolidation pattern between roughly the $840-$950 range. Meanwhile, with all eyes pinned to NVDA, other stocks in the technology sector are carving out their own fortunes.
Today’s trade featured at my Smart Money Passport is one of them which has been quietly rising under the radar and offers an excellent options opportunity.
Elsewhere inside the Invesco QQQ Trust (QQQ), shares of Alphabet Inc. (GOOGL) had a big move on news that the company is in talks with Apple (AAPL). Reportedly Apple is considering the addition of Alphabet’s AI tools in the next generation of iPhones.
Apple shares are also off of their recent bottom. I recently added a new options trade on Apple at Joe Duarte in the Money Options.com, which is getting off to a good start. You can check it out with a Free Two-Week Trial here.
Apple is in the early stages of a potential recovery or consolidation after its recent downdraft which was triggered by weaker sales in China. The price chart suggests that short sellers are moving out, though, as the Accumulation/Distribution line (ADI) is moving higher.
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