Tech Data, Oil, Nvidia’s Future: Market Relations

Technology sector funds have seen record inflows this week, according to Bank of America Investment Strategy and EPFR, while crude oil prices (BZ=F, CL=F) are on the rise. In addition, shares of Nvidia ( NVDA ) were flat in Friday’s session after a sell-off on Thursday. What’s in the chip giant’s future and can the stock price make a comeback?

Yahoo Finance’s Jared Blikre walks through the latest market trends for Friday, June 21.

For more expert insight and the latest market action, click here to watch this full episode of Searching for a Trend.

This post was written by Nicholas Jacobino

Video transcript

Major indexes end little changed as tech stocks remain in focus.

Finances Jar is here with more of his intraday offerings and we start with the record tech close, which is so interesting to me because you won’t notice it from the price action this week.

No.

And sometimes you see a bunch of streams, but you know the price.

You can see a lot of sales of all kinds disguised there, and this is the highest volume day of the year, or should be.

Right now, I haven’t calculated the final, but if you were to sell a lot of technology and guess what Apple sold to the tune of $10 billion a day to make room for NVIDIA and XL K. Well, that would be your week to do it.

Now the reporting is from the last five days, so I believe it extends to the past week.

But there’s that Spike.

Uh, this goes all the way back to, 2016, 2017.

And that’s $8.7 billion.

Michael Hartnett’s team that tracks these flows is calling it an I cap which implies an end of some kind.

But, you know, the surface is a process.

So one thing that interests me is the fact that seasonality and I brought this up the other day with Josh.

Uh, seasonality favors the bulls in the 10 days of July 1st, and that’s just in the market.

But I’m thinking if you’re looking for a summer lull, you might as well look for it after that July, I’d say, too.

Capitulation means different prices that we’ve seen, you know?

But I think capitulation can mean different things that you can see as the end of a bear market.

You will see an action that does this.

It just dives right in, and then pulls back.

This is a capitulation of another fate, but you may have an exhaustion.

I think buy that ends in capitulation with some kind of, you know, a raise.

Even interesting.

OK, let’s also talk about the goods.

Will we mark crude above $80 per barrel.

So let’s bring a table here.

This will be the WT I year-to-date raw futures, and here is the model I am interested in.

The story continues

This is the $80 price level that we are spending some time below above.

Now we are down.

The next logical move is to take off, but you need a catalyst.

So what can be a catalyst?

Well, we were just talking to a guest in the early hurricane season nearby, OPEC Plus It’s unlikely to move the needle, but they could.

Biden may try to pull a lever in an election year.

These things happen, but I think the hurricane risk is actually probably underestimated right now.

The positioning in the oil market is very low, so it simply means that there is potential to go higher.

Finally, we have the XL E, and I’m going to put a chart here.

Multi-decade highs and you can see this kind of high in line with this kind of high in line with this high, it takes a while to play out these 16 year patterns.

But my question, uh, my question for the viewers is what happens if we hit up here?

But I will show you another chart.

Here is WT I Crude futures energy can be very limited, because the share price much of these profits are returned to the shareholder in the form of dividends and also buy backs.

Interesting.

Well, not good news for drivers, maybe potentially this summer, but we’ll see about that.

And finally we talk about we have to say, it should be NVIDIA is.

Does NVIDIA So we’re like, as Josh likes to joke, we’re contractually obligated to talk about a video on the show.

We’re not really, but it seems to be going that way.

Yes.

OK.

So let me bring NVIDIA here.

I think this will be a Max table.

This is a parable if ever I saw one.

But I want to focus on price action here.

A lot of attention is paid to this candle.

This is from yesterday.

It was a big red candle.

What did you call it before?

Bearish.

Devourer Because it swallows the entire body of the previous candle.

Hard to see there.

It’s really small.

Plus, uh, I pulled on it, but it reminds me of this price action right here.

That was in March.

This was a record high.

We took that big red candle, and then we backed up and filled up for a few months.

So if you are a big fan of NVIDIA at least.

Perhaps this creates a potential buying opportunity.

Not now, necessarily.

But, you know, in the coming weeks, I would also add that with the options expiring today, half the range.

This is a very strange term removed.

But the net effect for investors next week is that NVIDIA will trade more freely.

Uh, when you have high gamma, it just reduces the volatility.

There is a tendency to reverse, but we will see things differently next week.

And we’ll talk about NVIDIA again.

You bet.

Thanks so much, Jared.