Nvidia (NVDA) stock charts are pointing to further weakness ahead. 332 contracts have traded at this strike so far in the session. Put contracts expiring September 23 for the $132 strike price have risen more than 8% on Wednesday to a price per share of $6.18. The future of much higher interest rate increases over the next three to four months due to persistant inflation has the usual suspects deciding not to buy this dip. Typically, higher beta stocks will outperform the indices on green days, but Nvidia is trading as if the market is performing a reassessment. Despite the market-wide recovery (all three major indices are ahead by less than a percentage point), Nvidia stock still looks weak. NVDA shares are down 0.5% half an hour into the session, while the Nasdaq Composite is actually up by the same amount. UPDATE: A day after the September 13, inflation-induced mayhem, Nvidia is once again proving that it is weaker relative to the market. New US government sanctions will hurt NVDA sales in China.Things grew worse when it revised Q3 revenue down on August 24.Nvidia stock has been in a downturn since August 4.
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