MegaCap Tracker Nvidia $1 Trillion?
Nvidia did trade above the $1 Trillion market cap however it did not settle above there. Please sign up for our full letter access to get today’s earlier note but as promised we will bring you our MegaCap Tracker daily so we can all see when this tide turns, if this tide turns. Today did see some early AM selling from overnight highs in the equity markets but the Nasdaq held in the best. As the day settled out we saw the Nasdaq +64.25 in the June futures with the SP500 +1.75 on the day. As our readers know we are displaying an educational MegaCap tracker hedged with a SPY option to add a little money management exposure to the mix. Anyway, here is how the day settled out in our tracker:
We may move to QQQ options instead of SPY options given the following spread chart which seems to be a bit extended and overbought due to this MegaCap expansion:
So we will see how the week settles out…As far as the big number this week NFP Friday, till then we suspect some back and forth up here with today’s sellers looking to push a bit more tomorrow but the veracity of the euphoria is a tough tide to swim against!
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