From one of their favorite non-Tyler Durden contibutors, October 30:
I’d like to think I’m being hyperbolic with this title…but, you know…I might not be.
Here’s the rub this fine Thursday afternoon. Both Google and Amazon just missed earnings expectations the last two days, both stocks are getting their teeth kicked in, and the Nasdaq has fallen -1.4% during regular trading before shedding another -1.4% after hours today. The 3:55PM “dip buyers” were down another -1.4% by 4:30PM.
It got me thinking about something truly terrifying.
I’ve joked for years that the powers that be would sooner allow Nvidia to commit massive accounting fraud in broad daylight than permit the company to admit it wasn’t going to make its earnings numbers. After all, hanging in the balance at this point is seemingly the entire multitrillion-dollar global financial ecosystem.
The joke, of course, is that Nvidia has become so systemically important to the market’s psychology that a disappointing quarter would practically constitute a national emergency. I sometimes wonder whether the Federal Reserve would have to establish a special lending facility just to bail out Nvidia. Again…I’m only half joking.
But seriously. Close your eyes for a second. Meditate. Breathe deeply.
Now imagine Nvidia misses earnings. It would be fu*king fire and brimstone. Locusts descending from the heavens. Rivers turning to blood. Famine, plague, pestilence, “dogs and cats, living together,” to quote Peter Venkman in Ghostbusters....
....MORE
Whereas I, on this Friday ahead of the weekend preceding the mid-term elections, am leaning towards:
Dear SEC, CFTC:
Are you seeing anything unusual in options on Nasdaq 100 futures and/or single stock options?
Asking for a friend.
Yr. pal,
Climateer
24 hours of E-mini Nasdaq 100 futures via TradingView
