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Israel still holding. Weak hands folding.
Walgreens and True Value regrouping.
Danny Riley
October 16, 2024
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I am not surprised at all by the selloff—it was long overdue. Contributing to NVDA's decline was Dutch chip maker ASML, which issued a cautious view on longer-than-expected chip delivery times. This dragged down Broadcom, AMD, Nvidia, and Intel, all of which fell more than 3%. While I pointed out that the ES had rallied 193 points in 5 sessions, the ASML news weighed on AI stocks throughout the day, making it difficult for the ES to rally. However, the ES held at 5850.00.
When you look at a YTD chart, it's been one continuous new high after another. Breaking down the past 10.5 months, the average comes out to 4.381 new contract highs per month.