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The tech sector is under pressure as nearly $300 billion was wiped from Nvidia’s (NVDA) market capitalization in Tuesday’s trading session. Now, investors are questioning whether a pullback away from tech dominance is in store. Harvest Portfolio Management CIO and Wall Street Beats partner Paul Meeks joins Catalysts to discuss the state of the tech industry as the market braces for a tumultuous month.
Meeks encourages investors to “hold through” this sell-off in tech until the next signs of a trough, where they should buy the dip. He specifically will be looking for a break below $100 a share in Nvidia’s stock, since the last time that occurred, the stock bounced back to around $130 a share.
He explains the next big catalyst to warrant that action in Nvidia would come down to technicals. “Maybe we see the trading volume dry up a little bit. So it looks like we have an exhaustion of selling because right now, I’m spending more time as a technical analyst than a fundamental analyst, not my choice. But that’s where the market is driving me,” he adds.
For more expert insight and the latest market action, click here to watch this full episode of Catalysts.
This post was written by Melanie Riehl
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