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McElligott On Nvidia And The Santa Rally Check List
Nvidia did "the Atlas thing," Nomura's Charlie McElligott said Thursday, as a still-nervous US equit
This sharp reversal seems abrupt. Do you think it is a crypto deleveraging story, issues with the Japanese Yen, or Fed jitters?
Who cares? I mean, take it from somebody who used to get paid a silly amount of money to make up narratives to “explain” intraday price action: It ain’t worth trying to parse. I can’t even count the number of “It’s all USDJPY!” quick-hitter notes I blasted out in 2015 (i.e., in another life) at the behest of a couple of guys who lived inside their Bloomies. Most of the time I was just making stuff up, and all the while I was thinking, “This is the most trivial occupation I’ve ever had.”
I mean I could sit here right now and pen an article with a chart showing the recent correlation between NDX and BTC and explaining how forced liquidations in the cryptosphere were likely spilling over into traditional assets, or how — whatever — some analyst somewhere tipped a domino with an errant comment about a line item on Nvidia’s balance sheet or how some magic level was breached triggering a cascade of mechanical unwinds, and it’d all sound totally convincing to all of you despite being guesswork at best, and total bullsh-t at worst.
I realize that’s an abrasive rejoinder, but on some days I feel compelled to remind everyone that this is all totally meaningless — just lines and numbers on a screen. You’re far better off buying a loaf of bread, finding a peaceful pond and throwing food to ducks than you are staring at a terminal until your eyes hurt.
haha..I appreciate the reality gut check!
here: https://heisenbergreport.com/2025/11/20/preach/
I read the article before i saw your comment and i couldn’t help but think it was somewhat of a response to me. I’m sure other people messaged you privately with the same questions.
Anyway, thanks for the follow up. For what it is worth, i do read your Monthly’s and i thoroughly enjoy them.
Can you bring the Weekly’s back next to the Monthly’s on the website landing page? Since i don’t see them, i forget to read them Monday morning. Just a suggestion.
I appreciate you H
This kills the ducks: https://maineaudubon.org/news/dos-and-donts-of-duck-feeding/
I feel attacked.
Cisco and Corning did “the Atlas thing” too, until they didn’t. The build out party might not be over, but it’s definitely running into capacity glut territory.