Better Not Disappoint

A Review of Positioning, Sentiment, and a Different Look at NVDA's Quarter Tonight

I would normally avoid commenting on the most-watched catalyst of this week. After all — I like invisible. But quite a few things have caught my attention regarding NVDA going into tonight’s earnings in the context of broader sentiment and positioning. Below I review these points in depth based on recent data.

• Valuation is Not a Timing Tool But…

• Stinky Breadth

• Retail Participation — Extreme, But Coming Off the Boil?

• Institutional Positioning & Sentiment

• Nvidia — Positioning into the Print

Once again, I’m grateful for your patience with my lack of contact due to travel and illness. I warned you the notes were coming, now you’ll have to get me to stop…

Let’s jump in.