TMTB Weekly: Thoughts + NVDA Preview

Happy Sunday! We’ll hit some misc thoughts then talk about the most important event this week: NVDA EPS

Misc Thoughts:

• Not much changed this week in our big picture view as CPI came in a little softer than expected. The “Goldilocks” crew seems to be winning out vs the “more pronounced slowdown” contingent. We continue to remain bullish medium/long term and reiterate our short-term positioning view from last week:

Putting the mosaic together, what does this all mean for the direction of the QQQs near-term? More positive than negative tea leaves are adding up and with seasonality strong Mid-May to Mid-June, we continue to lean positive and think we’ll see a somewhat choppy but upwards trending market from here. We continue to think this is a good market for stock-picking and will continue to remain so.

• We don’t think NVDA earnings will make or break the market (see our more nuanced thoughts below). We think results will be good and even if our base case happens - more digestion needed for…