Call me superstitious, but some irrational part of me can’t help but think the disappointment surrounding the Nvidia results had wider significance. Like Mary Poppins leaving when the wind changes, sometimes it’s something mundane which, with the benefit of hindsight, signals a shift in sentiment. It’s not that Nvidia never disappoints, but it has come to feel like that recently. And since the Nvidia results, stocks do seem to have lost their mojo, in marked contrast to bonds.
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