Summary
Our call for some reversion to the mean in individual stocks has left us with a black eye, although we did say we didn’t have much technical evidence that reversion was assured. On Thursday, Nvidia provided rocket fuel for the major indices, especially for semiconductors. The company stunned Wall Street with its first-quarter results, and the stock soared 24% to an all-time high. NVDA has surged from $110 to $381 since October and illustrates how semiconductor stocks have shown great relative strength since October.
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Source: https://finance.yahoo.com/research/reports/ARGUS_36591_TechnicalAnalysis_1685098677000?yptr=yahoo&ncid=yahooproperties_plusresear_nm5q6ze1cei