The ‘biggest and best tailwind’ for the market this week would be a Nvidia earnings beat, pro trader says
(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) NYSE insider Jay Woods shares what pro traders are watching this week, especially as Nvidia , “the most important stock in the world,” is due to report earnings after Wednesday’s closing bell. Woods, chief market strategist at Freedom Capital Markets, notes that shares of Nvidia have gone from the $165 level to around $235 over the past six weeks. He sees the $215 level as providing minor support, while $200 provides major support. “If it can beat and raise like it has every single quarter, will the momentum be there? 235 is that new ceiling. Let’s see if we can go back there, retest it, and get going above it,” Woods said. “That would be the biggest and best tailwind for this market.” (Watch full video above.) Woods, a trader at the Big Board for three decades, also touches on the following: How the 10-year U.S. Treasury yield breaking and closing above 4.65% could mean that “the path to 5 technically looks like it’s in the cards,” which would put pressure on the equity market. Other key stocks with earnings this week, including e.l.f. Beauty , which provides an “under-the-radar” trading opportunity. Woods said the stock could rally back to the $65 to $70 level on good news. (This weekly Monday video is exclusively for CNBC PRO subscribers.)
