This One Has Plunged!

I wrote a negative piece on stocks in March, Get Out Now, and one of the stocks I mentioned, Super Micro (SMCI) had plunged already. Today it is falling more.

Here is the action through yesterday in 2024:

When I wrote that piece almost six months ago, it was trading near $1074. Last night, it closed at $547.64, down 49%. This morning, it has dropped below $500.

Yesterday, it fell on a research piece released by Hindenburg Research. I have liked that firm, but they do not always get it right! The stock was still up 92.7% in 2024 at yesterday's close.

This morning, the stock is collapsing on news that the 10-K for the year ending June 30th will be late.

I remain very cautious on large technology stocks, and I am betting against NVIDIA (NVDA) through reverse ETFs. The stock has rallied substantially over the past six months.

NVIDIA is one of the "magnificent seven" and is up 159% in 2024 near $128 (split 10-1 after that first article).