Tech Got De-Grossed. Nvidia Just Lit The Fuse

Teflon Tech

Tech has been heavily de-grossed, NDX has tested the lower end of its range and Nvidia is back with a vengeance. With QQQ vol looking cheap and the calendar turning increasingly supportive, the ingredients for some upside pain are falling into place.

Jackson Hole remains the obvious hurdle, but absent a genuine surprise, the bigger question may be whether Nvidia can get semis, and ultimately the broader tech complex, moving again.