Nvidia opened lower as the DOJ issued subpoenas. The market seems to have forgotten that this is standard procedure for the DOJ.

Mr. DOJ doesn’t just casually call Mr. Nvidia to ask for information.

In my view, if Nvidia manages to close in the green after a red open, it would check the “stock rising on bad news” box on the “short-term bottom” checklist. However, many of my other preferred indicators have yet to send the same signal.

That said, I have heard many say they are looking for Nvidia to successfully retest the $90-$100 level for confirmation. The stock may not give investors that chance, perhaps precisely because so many people are waiting for the opportunity. In other words, I think this could be a “the market will act in a way that leaves the most people looking foolish” situation.

Personally, I’d prefer the stock to find its footing here, form a higher low, and maintain the current, clear uptrend.