Today's action was a MAJOR BREAKOUT, and watch for Cramer to talk about it tonight
Hardly ever post here, anymore, since the boards were destroyed by the bashers, and the certifiably insane anti-NVDA/pro-RMBS cult, but I just have to say that today's action coming on the heels of nice steady upward movement, this week, are truly a technical breakout. 12.996 was the prior recent high, but breaking through 13 and then above the 200DMA which is at 13.02, with NICE volume on a slow Friday and mostly down for many tech stocks, is a MAJOR change in the trading pattern.
Also, the prior pattern of an up open followed by a fade the rest of the day has also been broken.
Lastly, as I was riding in the car, this morning, I heard Cramer asked about what he was going to be covering, tonight, and he was very coy but said "I have a tech stock that I've hated for a long time that I think is now a buy". I don't know for sure if he meant NVDA, but based on the "coincident" move which started to gather steam this morning, we'll know soon enough if he is mentioning it on the show, tonight.
The measured move from here, based on this weekly close over the 200DMA on good volume is at least 15, short term, but if you look back to exactly 2 years ago, today, the stock had moved from this level to the 15 level and then made it to the low 20s in 2 weeks.