Today I saw an opportunity with NVDA. Last friday, it closed at $8.72 and this morning it started out in the low $9s. Earnings are coming up on the 6th, so we have a few more days until this stock gets in risky territory. The rest of the market seemed normal, so my prediction was that the stock was going to head down from $9. It has had a runup from the high 6s, so the chances of it going down from 9 instead of upwards from 10 are pretty high during normal market conditions.
I get the feeling that Apple is waiting to see how NVDA's earnings go and then there may be enough momentum to break past $110. Right now the fluctuation is between $105 and $110.
11/3/2008 NVDA COVER 1000 $8.7788
11/3/2008 NVDA SHORT 1000 $9.005
GAIN: $226.20
Monday, November 3, 2008
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