$NVDA Leads Stocks Down Late
There’s a bridge down in Baltimore.
Stocks sold off hard into the close on Tuesday after hanging in positive territory for most of the regular trading session.That stocks were green at the open suggests some of that resilience that still typifies this rally, even the ever-so-slight bullishness a positive signal on a morning when a big cargo ship took out a major bridge in Baltimore.
There will be knock-on effects from this accident, which will cut off Baltimore’s container port along the Patapsco River from global shipping lanes until the channel to the Chesapeake Bay can be cleared.
Most immediately, for example, truckers carrying hazardous materials have been re-routed from I-695, which took them around and away from Charm City’s tunnels on their journeys along the major north-south/south-north route on the US eastern seaboard.
Traffic and transportation disruptions will last weeks and months, impacting not just the Mid-Atlantic but the West Coast as well.
And, still, it’s all about Nvidia $NVDA.
There was no news on NVDA. It was just the vehicle that most dramatically demonstrated end-of-quarter-positioning narratives on a day when the only other story was the overnight collapse of a major piece of US infrastructure.
Ho-hum, indeed.
We’re still cruising toward another positive quarter, with a possibility of another double-digit gain.
As Willie Delwiche of Hi-Mount Research noted in a post linked to in Tuesday’s What We’re Reading list, after posting its best weekly gain of the year last week, the S&P 500 entered this holiday-shortened week with a good chance of doing something it hasn’t done in more than 10 years and that’s only happened five times during the past 50 years.
That is, post back-to-back double-digit quarterly gains.
According to Willie, we need to see 5,250 before shutting down to celebrate Easter.
That’s only 0.89 percent from Tuesday’s close.
