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Buying just 100 shares would still cost nearly $20,000.

Now that the pullback has come to fruition, my bearish outlook has turned somewhat bullish-because price does matter.īuying NVDA stock outright is both risky and rather expensive, even after the split. I noted how both the technicals and fundamentals had reached an extreme and recommended a bear call spread to position for a pullback. I had a decidedly more bearish outlook for NVDA stock in my last research piece on June 25. I am certainly far from a perma-bull on NVDA. NVDA stock also held major support at the $175 level, yet another bullish sign.

It is an even more powerful signal given the magnitude of the recent selling pressure.

The sellers have become exhausted and the buyers have taken control. This type of price action is a reliable signal that the preceding trend has come to an end. NVDA was the best performing NASDAQ 100 stock on the day. Plus it was on a day when the NASDAQ 100 dropped over 80 basis points. Shares opened lower and near the lows of the day only to reverse course and close sharply higher and near the highs of the day. More importantly, NVDA stock had a key reversal day last Friday. Jon Ogg can be reached at he does not own securities in the companies he covers.Source: The thinkorswim® platform from TD Ameritrade Shares are also close to most analyst price targets, although official ratings remain positive. This will mark its second stock split in the 5-years since splitting in early 2006. NVIDIA now has a market cap of $18.4 Billion after shares have risen well over 300% in the last 5-years and are still up roughly 150% since the start of 2006. The drop today takes it almost 7% off of highs and almost 4% off of the recent high close.Īs a reminder, both NVIDIA and Advanced Micro Devices’ (NYSE:AMD) ATIunit are both within about 60 days of now for their graphic chipsets.There are mixed reports and this may just boil down to preference oropinion, but most have commented that NVIDIA still has the advantage. Shares often trade up going into a stock split, but in less than one-month shares saw roughly a 30% gain in only three different weeks. It also now has its earnings behind us as well. On August 10, shares closed at $43.99 and they closed as low as $42.57 on August 16. But up until today shares had been on a tear and traded as high as $54.00 just on Wednesday. Shares are down today with a crummy stock market and after National Semi numbers and Xilinx guidance. (NASDAQ:NVDA) will trade on an ex-split basis to reflect its 3-for-2 stock split that it declared on August 9. On Tuesday morning, September 11, 2007, shares of NVIDIA Corp.