05.23 Stock Market Roundup: The Good, The Bad, and The Put a Grocery Bag on That Ugly

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There are some updates one can write that are straight off the cuff. Then the stories which require some mood music for the era in the background can help the words and charts flow more freely.

Ok, so there wasn’t that much great music in March of 2000, but the song title is interesting.

Let’s review today’s nightmare.

I. The Good

$NVDA – Blew to doors off earnings, announced a 10 for 1 stock split, then proceeded to hit a new all time intraday high of 1062 before selling hit the stock in the afternoon. A precise, 2000ish Cisco like move and report across the board because “everyone has to have AI” or some other such nonsense.

II. The Bad

Everything else. Gold, silver, and industrial metals were smoked. The bank stocks were torched as just the hint that there would be no rate cuts exposed that much like 2007, the emperor has no clothes. Nor any derivatives to cover the emperor’s pasty white butt up with either. It was one of the uglier sections of the market as more commercial real estate and whiffs of residential real estate issues are seeping into the market.

I mean, after all, there is no way we could repeat history at the top of the XLF again, right?

Nah. No way would repeat the mistakes of the past by offering up 0% down, NINJA loans, financing more homes that could not be afforded, and overbuilding on a national basis thanks to speculators and the short term rental “boom” right?

III. The Double Grocery Paper Bag Over that Face Ugly

It was an outside reversal day in a very, very ugly manner.

Thankfully,er, uh, this doesn’t happen at tops, right? Right?

Yeah, but that was just because the real estate market hit a teensie weensie gully. Tech never does this.

Right?

Uh, right?

Just remember the mantra folks:

It’s different this time.

Unfortunately an illness has sidelined my voice and a radio appearance on X-Spaces for MacroEdge tomorrow night but for once I can play listener as my throat is shot. But I will be back on May 31st where who knows what great guests might be joining the program. Have a safe holiday weekend folks.