Shooting From The Hip
Currently anything under investigation for accounting concerns is a red flag,
and everyone appears to be “shooting first and asking questions later,” so to
speak, with regard to the stock of that company. What this means, is that they
pile on to unload it first, then step back to survey the landscape. This
mentality is something that you as a trader can take advantage of. Earlier this
morning a classic case of this played out with Nvidia
(
NVDA |
Quote |
Chart |
News |
PowerRating).
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09:40:25
Intraday Setup Alert
Nvidia (NVDA)
is forming a triangle at the intraday low following a gap to the downside.
The company reported positive earnings news after the close Thursday, but has
been under scrutiny by the SEC for its accounting practices. NVDA is down 3.21
to 58.95.
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You have to move fast, but NVDA breaks down for more than 1
point in a matter of minutes. Keep an eye out in the weeks to come for more news
on companies with alleged accounting irregularities when and if they come about.
Have a happy and safe holiday weekend. See y’all Tuesday.
Duke