| | | | TURNMIRE TRADING NEWS MINUTE
Bitcoin, NVDA, SMCI and Silver
Quick roundup post here with some of the most interesting developments in the stocks Jeffry’s been watching.
First up, Bitcoin: As we talked about last week, Bitcoin has more or less waffled since mid-March when it peaked at an all time high just above 71,000 per coin.
After that, it kept sinking, even leading into its long-awaited Halving on April 20th. But a few weeks ago, Jeffry pointed out that the stock looked like it was headed for his proprietary Roadmap Line.
He called a bottom around 56,000 and almost on command, the digital currency started heading back up from there. As of press time, Bitcoin is back above 71,000. Could it be making another run for a new all-time high?
Next up NVDA and SMCI: These two tickers have been closely associated with each other, probably because they both had absolutely massive jumps in their stock price starting in January.
Jeffry has had a lot to say about both over the past few months — mostly in the form of warnings. His gripe? When stocks fly too high, too fast, they tend to come crashing back down.
He’s seen the pattern again and again in other stocks: GME, TLRY, CSCO and many others.
With NVDA reporting earnings after market close on Wednesday, if investors go into a frenzy and send the stock up to the 1200 to 1300 range, it could become the biggest company in the world by market cap. But again when a company comes out of nowhere to achieve that feat, it usually doesn’t have the staying power to hold on to that crown.
Meanwhile, after peaking around 1220 in early March, SMCI has slumped as much as 45% and has been bumping its head on resistance ever since. Jeffry warns that the stock could be headed down as low as the 300s.
Of course, timing is the X factor, as Jeffry always reminds us, “The market can stay irrational longer than you can stay solvent.”
And finally Silver: Admittedly, we haven’t been paying attention to this precious metal as much as we should have.
It wasn’t until Jeffry started sending us messages every few days showing us how quickly his position in SLV has skyrocketed that we sat up and took interest.
Take a look for yourself at what a nearly 70x gain looks like:
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